Russia Drafts Bill to Legalize Cryptocurrency Trading on Approved Exchanges.

Bitcoin Rusia

Russia drafts a bill to legalize the trade of cryptocurrencies in approved exchanges. There is a whole mobilization that will lead to the legalization of this important trade activity, to some extent it will help protect the investor and offer some peace of mind to the users.

It is also reported that some exchanges will be legalized. The Russian Deputy Finance Minister Alexei Moiseev told reporters that his ministry “supports the legalization of trade in crypto-currencies on official exchanges,” RNS reported on Thursday.

“We do not want to limit and regulate, but we will set some limits,” he emphasized, adding that “nothing will happen” to those already possess cryptocurrencies, the publication conveyed. The deputy minister was further quoted saying:

“This is about the fact that buying and selling of cryptocurrencies will be somehow standardized. The general idea is that it will be necessary to buy and sell on official exchanges, as it will be declared, it will be legalized.” There are expectations in relation to this movement, it seems that the State will be the holder of the exchanges, people will have to accept these conditions if they want to obtain these digital currencies.

It is also reported that there is already a list of exchanges, which were approved to start the activities. The bill for the regulation of cryptocurrencies and initial coin offerings (ICOs) was jointly presented at the end of December of last year by the ministry of finance and the central bank, as previously reported.

“Following the discussion at the public council, a number of comments were made, which we are now finalizing,” Moiseev was quoted by RNS. He clarified that his ministry plans to finalize the bill, “including the development of rules for the circulation of cryptocurrencies,” and submit it to the State Duma in February, Tass reported on Thursday.

That means that the date is near for Russian users to market in these cryptocurrencies, the speed of the case is striking to be able to buy / sell these assets, after suffering persecution by the police authorities, some think that due to the economic blockade suffered by this nation the government reacts with the possibility that people and users can access the cryptocurrency.

Regarding which trading platforms will be legalized, Moiseev revealed: “We will now actively discuss this issue, list of approved exchanges. This issue is currently unresolved. The rest is more or less clear. “

On the other hand, Putin emphasized the need for proper regulation. It is expected that the bill to regulate cryptocurrency and ICOs in Russia is expected to be adopted in March, according to the chairman of the State Duma Financial Markets Committee, Anatoly Aksakov. President Vladimir Putin has mandated the regulatory framework for both cryptocurrencies and ICOs be finalized by July 1 of next year.

In a meeting with the heads of print media and news agencies on Thursday, Putin emphasized that proper “legislative regulation will certainly be needed” for the cryptocurrency market, Tass also reported and quoted him saying: “It is known that there is nothing behind cryptocurrency. It cannot be a means of accumulation, there are no material values behind it, it is not provided with anything, it can be, in a certain degree and in certain situations, a means of settlement, which is quickly done and effectively.” Therefore, all the considerations of the case must be made.

Equally in Putin’s words, he reported the following. “If we regulate, but not efficiently enough, then the government will be responsible for the difficult situations that people can get into,” Putin was quoted by RT. “Right now it is the responsibility of the person himself and the government can only say ‘you can do this but you can’t do that,’ and if it’s still not clear then there will be some problems that need to be solved.”

In summary some governments concerned and others for situations such as economic blockades that are suffering, they may want to open the doors to cryptocurrencies, blockchain-bitcoin technology, can be an immediate exit, the sovereign States and subjected to certain political and social tensions have the possibility of initiating the path of democratizing wealth, this is a possible way out of the crisis. It waits for new ads.


Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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