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News of the cryptocurrency market. Regulation in the Russian Federation

News of the cryptocurrency market. Regulation in the Russian Federation
October 11
09:00 2017

As is known, at present the cryptocurrencies in Russia are in the gray area. Directly the law does not prohibit the circulation of virtual banknotes, but there is no any clear regulation.

A meeting during which President Putin decided to take control of the process of issuing and circulating cryptocurrencies was held on Tuesday. The next day this was reported by Anton Siluanov, Minister of Finance of the Russian Federation.

The representatives of the Ministry of Finance decided to start with the limitation on the amount by which it was allowed to buy virtual currencies.

Alexei Moiseev, Deputy Finance Minister confirmed the intention of the Ministry of Finance. Mr. Moiseev also admitted that the Ministry had not decided on the details yet. Therefore, it is not reported how exactly the volume of the currency to be bought will be limited and what amount will be declared as maximum possible. The Deputy Minister noted that the experience of other countries would be studied in order to work out a coherent concept.

There are many uncertainties about the circulation of cryptocurrencies in the Russian Federation. Thus, the head of the Central Bank, Elvira Nabiullina, repeatedly broadcast an extremely negative attitude to cryptocurrencies. In particular, she made a statement that the department was opposed to the circulation of “monetary surrogates” and “private money”.

At the same time Ms. Nabiullina said that the Central Bank was planning to issue a national cryptocurrency. No matter how absurd it may sound, but the question of creating a state currency based on the blockchain technology is being considered quite seriously.

Deputy Minister Moiseev said earlier that the Ministry of Finance intended to allow only investors with licenses to manipulate cryptocurrencies. It was also reported that trading this instrument would be carried out exclusively on the exchange.

It is not yet clear what will happen in Russia with cryptocurrencies. Judging by the contradictory reports, any scenario of the regulation is equally probable: from a complete ban to the complete anarchy. One thing’s for sure, the Ministry of Finance and the Central Bank will have prepared the draft law by the end of the year and the fate of the cryptocurrency in Russia will be more or less clear.

The material was prepared with the participation of Andrey Majorov,
a leading analyst of the brokerage company CT Trade

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