The Russian Finance Minister published a new bill for the legalization of crypto trading on public platforms. He wants to pass it on to the legislature in February.
As Russian media reported last week, Russian Finance Minister Alexei Moiseev supports the legalization of cryptocurrency trading on public exchanges. His statement, however, was as cryptic as the affected currencies. They do not want to restrict or regulate trade entirely, but they want to set some rules. Above all, one wants to standardize the purchase and sale of cryptocurrencies in some way. The basic idea is that the whole thing takes place on public (regulated) stock exchanges.
Possible legalization in connection with other statements
Russia’s opinion on cryptocurrencies has been steadily changing over the last few months. First, there was the announcement of the state-owned cryptocurrency last October. However, Russian President Vladimir Putin warned against the usual concerns (terrorist financing, money laundering, drug trafficking) of employment, especially with the trading of cryptocurrencies.
The introduction of the crypto-ruble should forestall all these possible dangers. As a government-issued and centrally regulated payment option, the currency should initially be the only accepted cryptocurrency in the country. Above all, neighborhoods were being anticipated with this move: “If we do not do so, one of our neighbors from the Eurasian Monetary Union will preempt us.” Last but not least, the cryptorubility was intended to counter large-scale economic sanctions.
In November, when Bitcoin machines were set up in several places in Russia, the Minister of Communications warned against using them and said that the use of Bitcoin & Co. was completely outside the legally permissible range
However, this claim to “move beyond the legally permissible range” evidently referred more to the non-existent laws. As in so many other countries, the legal situation was and is not fully understood.
To change that, last December it was announced that it would pass a law regulating ICOs and cryptocurrency trading by the end of March. The introduction of the state-owned crypto-ruble was ultimately controversial by various bank and government officials.
The current announcement by Alexei Moiseev is as contradictory as the previous development of the attitude of the largest country in the world compared to Bitcoin & Co. The “legalization” is limited to controlled platforms and a standardization of crypto-trading. Ultimately, this is an approach that strictly re-centralizes the decentralization of payment transactions.
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