The Ministry of Finance of Russia legalizes bitcoin and other cryptocurrencies trade on approved exchanges

The Ministry of Finance of Russia legalizes bitcoin and other cryptocurrencies trade on approved exchanges

According to local media, the Ministry of Finance of the Russian Federation has developed a draft law on the legalization of trade cryptocurrencies on approved exchanges.

Deputy Finance Minister Alexei Moiseev said that the government is committed to ensure close monitoring of their activities.

We are talking about that buying and selling of crypto-currencies will be somehow standardized. The General idea is that you will need to buy and sell on formal exchanges, which will be certified, and thus, this process will be legalized.

This news is quite unexpected, especially given the recent rhetoric from other Russian officials. However, Moiseev has consistently argued that bitcoin will be legalized, albeit with restrictions.

The Ministry of Finance is still considering the question of what the exchange will be approved. Moiseyev said that the exchange still “currently not solved”, but the overall position is now “more or less clear.”

Many in the industry believe that Russia will be one of the first countries where crypto currencies will be legalized.

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