Russia may soon lift ban on cryptocurrency trading

22 Jun, 2019
by David Robb
Russia may soon lift ban on cryptocurrency trading

Russia's Ministry of Finance may soon adopt a less strict stance towards cryptocurrency trading. Interfax reports that the idea of permitting the selling and buying of crypto is currently being discussed (via CoinTelegraph).

Russia is one of the jurisdictions with the most hardline stances towards crypto at present, with a general ban passed in May of last year, but this could be about to change. A new bill regarding crypto was first proposed and then delayed back in March, and is now being discussed by lawmakers.

Speaking to reporters on Friday, Deputy Finance Minister Alexei Moiseyev claimed that, regarding potential laws on crypto, there exists "a range from prohibition to possibility of purchase. Like foreign currency : it’s possible to buy and sell, but it’s impossible to pay (for things with it)". 

Russia's new bill on crypto trading should be finalized within the next few weeks. Responding to the recent announcement about Facebook's upcoming Libra project, a Russian lawmaker recently claimed that the crypto would not be permitted in the country. Financial authorities did recently consider the possibility of launching a state-controlled digital currency, but these plans have been shelved for the time being.

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