Russian Ministry of Finance to Legalize Cryptocurrency Trading on Approved Exchanges

The Russian Ministry of Finance has drafted a bill to legalize the trading of cryptocurrencies on approved exchanges, according to a report from local media. Deputy Finance Minister Alexei Moiseev has indicated that the government is seeking to provide greater oversight. He said:

"This is about the fact that buying and selling [of cryptocurrencies] will be somehow standardized. The general idea is that it will be necessary to buy and sell on official exchanges, as it will be declared, it will be legalized.”

The news may come as a bit of a surprise, particularly given the recent rhetoric from other Russian officials in recent months. However, Moiseev has consistently maintained that Bitcoin would be legalized, though with restrictions.

The bill would allow for more open cryptocurrency trading and investment within Russia. Other countries have begun issuing statements either legalizing or banning cryptocurrencies.

The Ministry of Finance is still considering which exchanges would be approved. Moiseev indicated that the issue of exchanges is still “currently unresolved,” but the overall legalization is now “more or less clear.”

Many within the industry see the Russian addition of legalized cryptocurrencies as the first among many, as Blockchain and cryptocurrencies continue to remove boundaries between parties through trust networks. Carl Bennetts, co-founder of Status, told Cointelegraph:

“Where traditionally we have relied upon central authorities and institutions in order to conduct trade, blockchains shift this trust, and enable us to move towards a society that does away with middle-men and enables truly peer-to-peer trade, commerce and law.”