Russia set to vote on crypto currency

Business News

The Russian Ministry of Finance has drafted a new bill to legalize crypto currency trading on organized trading platforms and will submit it for a vote to the federal legislature in February, Russian media outlets reported earlier this week.

The bill would still need approval from Russia’s federal legislature.

Alexei Moiseev, Russian Deputy Finance Minister, told reporters on Thursday in Russia that the Finance Ministry “supports the legalization of trade in crypto currencies on official exchanges.” According to Moiseev, the Finance Ministry “[does] not want to limit and regulate, but we will set some limits.

“This is about the fact that buying and selling [of crypto currencies 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,” Mosieev added.

lso on Thursday, the Bank of Russia confirmed that it had discussed with the Finance Ministry the possibility of legalizing trade in crypto currencies through organized trading platforms, as reported by RNS. The central bank said it opposes the motion.

According to the report, the Finance Ministry’s bill would allow for more open cryptocurrency trading and investment within Russia. Moiseev said that the Finance Ministry is still considering which exchanges would be approved.

The news was celebrated by industry insiders as another sign of growing trust among government and crypto currencies.