The Russian Ministry of Finance is reportedly considering to make crypto trading legal in Russia. This rumored decision to allow cryptocurrencies as payment in Russia comes as the crypto market continues a bull run.
Could a new bill soon make crypto trading legal in Russia?
Specifically, this latest report comes from a recent article by the Russian news service Interfax. According to the report, the Russian Deputy Minister of Finance, Alexis Moiseev, has supposedly indicated Russia could soon legalize crypto.
In fact, Moiseev is said to have told journalists that a cryptocurrency bill legalizing cryptocurrency circulation in the Russian Federation is in the works. Although Moiseev noted that the Russian Ministry of Finance has not yet reached a final decision, this is certainly promising.
This comes as the Russian Federation passed a bill last year, restricting consumers from using crypto assets as payment. Ever since this, reports of Russia working on cryptocurrency regulations have frequently made the rounds.
Months ago, Toshi Times covered how Russian president Vladimir Putin had reportedly set a July 1 deadline for cryptocurrency regulations. As such, it is not entirely surprising that the Russian Ministry of Finance will now supposedly do exactly that.
Additionally, Anatoly Aksakov, the head of the Russian Duma’s Financial Market Committee, has reportedly called the upcoming bill a “compromise”. Moreover, Aksakov revealed the Financial Action Task Force has recommended that Russia adopt a bill regulating cryptocurrency circulation this year.
This comes as crypto is making a public comeback
Furthermore, other recent reports indicate that the Russian State Duma will adopt a major cryptocurrency bill in the coming weeks. This bill, “On Digital Financial Assets”, will supposedly be one of two cryptocurrency bills the Russian Duma will soon adopt.
The other bill will pertain to initial coin offerings (ICOs), and how projects crowdsource funds. The Russian government-backed news agency TASS has corroborated this news.
Moreover, the news that Russia may soon allow cryptocurrencies for payments comes at an opportune time. The cryptocurrency markets have been riding a green wave since Facebook announced its upcoming Libra stablecoin.
What’s more, yesterday saw Bitcoin breakout past the $11,000 barrier. Although the price of the premier cryptocurrency has stabilized somewhat since this, it is still above the psychologically significant $10,000 level.
It remains to be seen what comes of this report from Interfax. However, it is promising to hear that a government may be working to allow for cryptocurrency payments and to uplift a previous ban on the asset class.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.