Russia will legalize cryptocurrency trading on approved exchanges

According to a report from local media, the Russian Ministry of Finance has drafted a bill to legalize the trading of cryptocurrencies on approved exchanges.

Deputy Finance Minister Alexei Moiseev stated:

This is about the fact that buying and selling [of cryptocurrencies] will be somehow standardized. The general idea is that it will be necessary to buy and sell on official exchanges, as it will be declared, it will be legalized.

According to Cointelegraph, the news may come as a bit of a surprise, particularly given the recent rhetoric from other Russian officials in recent months. However, Moiseev has consistently maintained that Bitcoin would be legalized, though with restrictions.

The bill would allow for more open cryptocurrency trading and investment within Russia. Other countries have begun issuing statements either legalizing or banning cryptocurrencies.

The Ministry of Finance is still considering which exchanges would be approved. Moiseev indicated that the issue of exchanges is still “currently unresolved,” but the overall legalization is now “more or less clear.”

Many within the industry see the Russian addition of legalized cryptocurrencies as the first among many, as Blockchain and cryptocurrencies continue to remove boundaries between parties through trust networks.

Written by Brad Chillum

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