“All countries are working to legislatively regulate the use of this financial instrument, and the financial instrument is very volatile, that is, today it has one price, tomorrow another. In order for us not to have so-called deceived investors, regulation is necessary. The Ministry of Finance will prepare such a draft law by the end of the year”.


Russia’s finance ministry is working on drafting a bill to legitimize cryptocurrencies including bitcoin, which is expected before the year’s over. Both the finance ministry and the central bank “are developing proposals on their legalization in the Russian Federation.”According to this bill the cryptocurrencies will be like federal loan bonds which are available to individuals as proposed by the finance minister.

Regulating Digital Money

In an interview aired on “Russia 1”  TV channel on Saturday the Finance Minister Anton Siluanov said Russian fianance ministry is making a bill to regulate the circulation of cryptocurrencies. According to Russian state owned agency TASS Finance Minister was quoted saying

“All countries are working to legislatively regulate the use of this financial instrument, and the financial instrument is very volatile, that is, today it has one price, tomorrow another. In order for us not to have so-called deceived investors, regulation is necessary. The Ministry of Finance will prepare such a draft law by the end of the year”.

In the interview, he clarified what he said at the Moscow Financial Forum’s press conference.

“There is no point in prohibiting crytocurrencies, it is necessary to regulate them,” he said, adding that the draft law “will regulate the procedure for acquiring, circulating, and registering participants who are going to invest and buy this instrument,” RBC detailed.

Making cryptocurrencies available to individuals

Deputy Finance Minister Alexei Moiseev recently proposed that cryptocurrencies including bitcoin to be listed on stock exchanges, such as Moscow Exchange, but should be only available to qualified investors. However, Siluanov said at the forum, as reported by RBC, that:

“We believe it is possible for individuals to participate in the purchase of these instruments, but these purchases should be clearly regulated, identified, and settlements in these cryptocurrencies must be controlled by the relevant authorities”.

He recommended that the way toward buying digital currency for people should to be organized similarly as purchasing federal loan bonds (OFZ). The fianance ministry started offering these ruble-named OFZs to householdsin April. Russians can purchase these bonds at around 1,400 branches of Sberbank and VTB bank, as indicated by CNBC.

Law On Cryptocurrencies

In the meantime, the central bank is drafting a proposition on the regulations for cryptocurrencies.

Early this month, the bank made an announcement cautioning about cryptocurrencies and Initial Coin Offerings (ICOs). The bank expressed that it is too early to admit cryptocurrencies and some other related financial instruments to the circulation and use for trading purposes in Russia.

The Chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov, told Tass that the draft law on cryptocurrencies will be prepared this fall, adding that:

“The Central Bank and the Ministry of Finance are developing proposals on their legalization in the Russian Federation”.


Disclaimer:  This is not an investment advice. It is of paramount importance that everyone should do his or her own due diligence before investing in any product, platform, tokens etc. Cryptocentral.io does not endorse any content or product published on this page. Our aim is to simply provide all the readers with the latest information in the field of cryptocurrency / blockchain industry that might be of interest to our readers.