Russia’s Ministry of Finance Legalizes Cryptocurrency Trading, Central Bank Disagrees

The Ministry of Finance of the Russian Federation (Minfin) has presented the Digital Assets Regulation Bill which defines and establishes a regulatory technique for cryptocurrencies, ICOs, mining and trading, neighborhood media outlet TASS news agency reported today Jan. 25.

Notably, the central bank of Russia disagrees with the Ministry of Finance that cryptocurrency exchange ought to be legally accepted. In accordance with the central bank, the digital currency trading guidelines should be only applied to tokens that would attract monetary investments.

Nonetheless, the authors of the bill are positive that the legal status of cryptocurrency exchange would lessen the dangers of fraud and can offer fiscal transparency, which is expected to enhance tax revenue in the government. In contrast, banning cryptocurrency trading would bring about a predicament when the currency is employed for unlawful purposes.

Based on the terms of the bill, cryptocurrency and tokens represent a digital monetary asset that is not allowed to become applied as payment in Russia.

As for cryptocurrencies and tokens exchanged for other cryptocurrencies, Rubles and foreign currencies, Minfin claims to guard the rights of unqualified investors by permitting trading only through authorized cryptocurrency exchange operators.

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