A new report shows that crypto trading in Russia may be finally allowed if a new legislation passes through. In fact, Russia’s cryptocurrency bill has always been a hot topic in the latest cryptocurrency news. As it slowly moves forward, a government official hints that a lot may lie ahead when the legislation is passed.
The report comes from a local news source Interfax.ru and shows the Deputy Finance Minister Alexei Moiseyev telling journalists on Friday that among the options that are currently being discussed is the one of buying and selling cryptocurrencies. Even though crypto payments are not on the table, crypto trading in Russia is definitely something that is considered by the officials.
This bull could still see cryptocurrency being banned outright, which may worry the country’s crypto community. However, according to Moiseyev, the finance ministry had met with the Russian central bank and the Federal Security Service to discuss the cryptocurrency bill and the crypto trading in Russia.
“There is a range [of possibilities] from prohibition to the possibility of purchase,” Moiseyev’s statement shared by many best cryptocurrency news sites reads. “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.”
The bill on digital financial assets in Russia was expected to be considered at the plenary session of the State Duma on March 19. However, it was later postponed.
As the report featured in the altcoin news shows, Anatoly Aksakov, who is the head of the Duma Financial Market Committee, said that Russia must adopt a bill on cryptocurrency before the end of this year in order to comply with recommendations from international watchdog – the Financial Action Task Force (FATF). The crypto trading in Russia is still with a big question mark on whether it will be realized or not.
In related news, the FATF announced new standards on Friday that include a controversial requirement that “virtual asset service providers” such as crypto exchanges – should pass information about their customers to one another when transferring funds between firms. Even though the 37 members are not obliged to apply this guidance, non complying countries can be blacklisted from it.
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