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Russian President Gives Green Light Allowing Cryptocurrency Regulation in Russia


Oct 15, 2017 Posted /  25355 Views


Russian President Gives Green Light Allowing Cryptocurrency Regulation in Russia

The russian President instructed the central bank to work with the ministry of finance to come up with an adequate regulatory framework to govern crypto currency including Bitcoin. The two top russian government agencies are expected to have a law in place before the end of the year.


President Putin has Decided

In the meeting which took place on tuesday the finance minister, Anton Siluanov was quoted by RT, a Russian State media Center, saying


We have agreed on the following: the state should regulate the process of issuing cryptocurrencies, the process of mining, the process of circulation…The state should head this situation and regulate it legally


The meeting was attended by high profile government officials including the governor of the Russian Central Bank, the deputy governor of the central bank and a presidential aide. Also in attendance was the CEO of QIWI, a publicly traded Russian based payment platform, Sergei Solonin. In the meeting the president highlighted the risks involved with cryptocurrency but clearly remarked that he wasn’t willing to let his country have barriers on efficiencies of service delivery in the financial sector.


The way forward

At the moment there is no active regulations on Bitcoin and cryptocurrency in general in Russia despite attempts by many government bodies to put a regulation that would control the production and circulation of cryptocurrencies.  Most notably by the central bank and the ministry of finance which were individually working on a draft law meant to regulate cryptocurrency. But the Bill which was supposed to be introduced this october was tossed away due to a lack of consensus between the Regulators. The finance ministry initially wanted to legalized cryptocurrency but the central bank was rather hesitant citing limited control on cash inflow from abroad. The ministry at the moment resorted to registering all Cryptocurrency miners and exchanges across Russia.


The possible Effects of the Regulation

Later on during the meeting the Deputy Finance Minister Alexei Moiseev signaled that there will be some restriction with the new regulation. Notable among the restrictions being a control of the amount of cryptocurrency that can be owned by one person. However the sight of deputy finance minister Alexei Moiseev speaking about restrictions on cryptocurrency has been frequent on the media lately. But his comments against cryptocurrency were met with notable oppositions from high ranking officials including the minister of finance who emphasised that cryptocurrency should be made available for anyone.


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Tags: bitcoin Ethereum cryptocurrency Regulations russia putin

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