The Russian ministry of Finance is drafting a law to legalize crypto-currencies

The Russian ministry of Finance is working on a law to legalize crypto-currencies, including bitcoin, that should be expected by the end of the year. The ministry of Finance and the central bank are in the process of developing proposals on the legalization of crypto-currencies in Russia. The minister of Finance proposes to treat crypto-currencies as the borrowings of the federal credits, available to individuals.

Regulations for the movement of crypto-currencies

At a time when we are talking about, the Russian ministry of Finance is drafting a law intended to regulate the circulation of crypto-currencies, said Finance minister Anton Siluanov in an interview broadcast on the tv channel “Russia 1” on Saturday. The state news agency Russian Tass quoted him as saying : “All countries are working to regulate legitimate use of this financial instrument, because it is very volatile. In fact, today it has certain price and tomorrow another. Thus, to ensure that the investors do not feel wrong, it is necessary to establish a set of rules. “

Available for individuals

The deputy minister of Finance, Aleksey Moseev, has recently proposed that the crypto-currencies, including bitcoin, are listed on stock exchanges, but they are available to qualified investors. However, Siluanov said : “We believe that it is possible for individuals to participate in the purchase of these instruments, but these purchases should be clearly regulated and identified. The regulations with the crypto-currency must be controlled by competent authorities. Then, he suggested that individuals should be organized the same way as the purchase of loans federal (OFZ). The ministry of Finance has begun to sell these OFZ-denominated ruble to individuals in April. The Russians may buy these bonds from 1400 branches of the bank Sberbank, and VTB.