Russian Finance Ministry considers opening up cryptocurrency trading

According to a report by the Russian news agency, the Russian Ministry of Finance is drafting a bill on the circulation of cryptocurrencies in the Russian Federation and discussing the aspect of allowing trading.

According to reports, Deputy Minister of Finance Alexei Moiseyev stated:

Regarding cryptocurrencies, our only issue at the moment is to what extent to open up, from the previous ban to the possibility of allowing trading. We believe that, like foreign currencies, it may be possible to trade, but it still cannot be used as a payment method.

It is understood that the Russian parliament passed a first reading of a bill on digital financial assets on May 22 last year, which prohibits the use of cryptocurrencies as a means of payment in the Russian Federation.

In the past, Russia has had a negative attitude towards cryptocurrencies, but this year it has been continuing to study the field of cryptocurrencies. According to a report from ABM, the Russian parliament is expected to pass the Digital Financial Assets (DFA) cryptocurrency bill by July 1, establishing a regulatory framework for it, which may provide long-term legal clarity for the Russian cryptocurrency industry, promoting the development of the crypto economy.

Furthermore, on July 1, authorities will also pass a separate law on ICOs, which will become part of Russia's crowdfunding laws.

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