Developments

Russia inches closer to legalizing virtual currency trading

A Russian government official has hinted that legalizing virtual currency trading might finally become a reality. As per Interfax, a local news outlet, Alexei Moiseyev, Deputy Finance Minister, has indicated that the current options being discussed are aimed at legalizing virtual currency trading activities such as selling and buying. Unfortunately, cryptocurrency payments are not part of the options.

The country’s crypto community is worried because the bill could still see cryptocurrency banned outright. According to Moiseyev, the Financial Ministry has had a meeting with the Russian Central Bank and the Federal Security Service, the Russian security agency to discuss the bill.

Moiseyev explained:

“There is a range [of possibilities] from prohibition to the possibility of purchase,” he explained. “Like with foreign currency, it would be possible to buy and sell (cryptocurrencies), but impossible to use them for payments. After a political decision is made on this issue, we will have the responsibility.”

On March 19, the bill on digital financial assets in Russia was expected to be considered at the plenary session of the state Duma, but it was postponed.

A previous report indicated that the head of the Duma Financial Market Committee said that Russia has to adopt a bill on cryptocurrency before the end of 2019 in order to comply with the recommendations from international Financial Action Task Force (FATF).

In related news, the Financial Action Task Force announced that new standards that include a controversial requirement that virtual asset service providers, including crypto exchange, pass information of their customers to one another when transferring funds between firms. The 37 member nations are not obliged to apply the guidance although non-complying countries can be blacklisted which can cause a negative financial impact.

Do you think legalizing virtual currency trading in Russia will boost crypto adoption in Asia?

You may also be interested in:

Russia to adopt digital currencies within two weeks, Facebook Coin kicked out

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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