According to a report from the Russian media outlet Interfax, Russia may soon allow the trading of cryptocurrencies.
Alexei Moiseev, the Deputy Finance Minister of Russia’s Ministry of Finance, (MinFin) stated the agency is now ‘open’ to allowing the sale and purchase of crypto assets, even though a final decision has yet to be made. If true, legislation will be added to an upcoming bill based around digital assets.
Moiseev hinted that the MinFin are now weighing up its appetite for crypto and their level of involvement.
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).
The latest development contrasts with a bill passed in May of last year in which prohibited the use of crypto assets as a means of payment.
Head of the Duma Financial Market Committee, Anatoly Aksakov, noted the decision as a compromise and highlighted that the Financial Action Task Force (FATF) recommended that Russia adopt a bill regulating the circulation of cryptocurrencies by the end of this year.
On the theme of crypto, Aksakov also noted that he doubts that Facebook’s Libra project will be allowed to launch its project in Russia. ‘With regard to the use of Facebook cryptocurrency as a payment instrument in Russia, at this stage, my opinion is that in our country it will be banned.’