Russia Might Start Allowing Cryptocurrency Trading

Russia Might Start Allowing Cryptocurrency Trading

According to Russian news service Interfax , a Ministry of Finance representative hinted at the idea of allowing cryptocurrency trading in the future, irrespective of Russia’s current ban on cryptoassets.

A publication made on June 21, states that Deputy Minister of Finance Alexei Moiseyev told journalists that cryptocurrency trading was being considered in a bill circulating the Russian Federation. Moiseyev cautioned that the Ministry of Finance had not reached a conclusion on cryptocurrency, but intimated that trading may eventually be allowed.

Alexei explained that the Russian central bank and Ministry of Finance were debating the nuances of cryptocurrency in a meeting held on Friday,

“We now have a question of determining how much cryptocurrency can be used. There is a range from prohibition to the possibility of purchase. Like foreign currency, it’s possible to buy and sell, but it’s impossible to pay. After a political decision is made on this issue, we will have the responsibility.”

In May 2018 the Russian Federation passed a landmark bill banning the use of cryptoassets for payment, including the ability for Russian citizens to trade crypto.

From Moiseyev’s recent comments,  the government is considering allowing citizens to buy and sell crypto while continuing the ban on its actual use as a form of payment.

Leave a Comment