The Importance Of Russian Ministry Of Finance Legalizing Bitcoin Trading Activities

  • Russia could legalize crypto trading activities with new legislation
  • There are some issues that must be discussed before taking a final decision

The Russian Ministry of Finance is working in order to add new legislation to a bill related to virtual currencies. Apparently, this legislation would legalize cryptocurrency trading activities. This is according to a report from the Russian news outlet Interfax.

Russia Could Regulate Cryptocurrency Trading Activities

As Deputy Finance Minister Alexei Moiseev said, the agency could allow the sale and purchase of virtual currencies in the country. However, the final decision has not yet been made and it could take some time to be analyzed.

The main issue they are discussing with the Central Bank of Russia and the FSB is related to how much virtual currencies can be used. At the same time, they are considering to allow purchases and sales, but not perform payments in virtual currencies.

About it, he commented:

“In fact, we now have a question of determining how much cryptocurrency can be used. There is a range from prohibition to possibility of purchase. It may become possible to buy and sell, but not pay [with cryptocurrency].”

He has also explained that they should also talk about the possibility of organizing all sorts of exchanges and sales of virtual currencies.

The Russian news agency TASS, explained that the chairman of the State Duma Financial Market Committee, Anatoly Aksakov, thinks that Facebook would not be allowed to launch the Libra digital asset in the country. He mentioned that the virtual currency could eventually be banned in the country.

Libra is the virtual currency that was recently released by Facebook and that could help users perform transactions and pay for different products and services. Although the information about it is still limited, the cryptocurrency could help increase Bitcoin (BTC) awareness.

Russian president, Vladimir Putin, said that he expects to have virtual currency regulations set up in the country in the coming weeks.

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