Aksakov will be starting a trial on Bitcoin exchanges. This will make it possible to sidestep the transactions for those who want to invest in Russian projects including Crimea.


The status of cryptocurrencies is still not clear in Russia. These are neither permitted nor banned. However, the State Duma, which is the lower house of the Federal Assembly will put a bill forward in October regulating the cryptocurrency trade.

Chairman of the State Duma Committee on Financial Markets Anatoly Aksakov told TASS news agency “When will the bill be ready? I think it will have been prepared in October, and then we will discuss it before adopting (into law),”

Aksakov will be starting a trial on Bitcoin exchanges. This will make it possible to sidestep the transactions for those who want to invest in Russian projects including Crimea.

According to Russian Finance minister, Anton Siluanov bill regulating cryptocurrencies will be ready by end of this year.

In August, Deputy Finance Minister Aleksey Moiseev cleared that the administration needs to protect the general public from bitcoin exchanging, as it is to a great degree unpredictable and looks like a pyramid.

The Governor of the Central Bank of Russia Elvira Nabiullina backs the finance ministry in comparing cryptocurrencies to pyramid. According to her major exchanges in Bitcoin may weaken the monetary circulation. Nabiullina included, however, that the national bank welcomes the advancement these new innovations will bring but at the same time the phenomenon needs to be continually monitored.

As of now, the right of trading will be granted to qualified investors who fulfill these conditions:

  • have at least six million rubles on your account ($100,000)
  • make at least 40 transactions a year with a turnover of six million rubles
  • OR have worked for at least two years in a financial institution that traded securities.

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