With the rise in demand for the crypto regulations among the world’s top economies, Russian government decided to move forward the cryptocurrency bill to decide the fate of the cryptocurrency within the nation.
As per a report from Interfax.ru, Deputy Finance Minister Alexei Moiseyev talked about the governing body permitting the purchasing and selling of digital forms of money with no plans of legalizing the crypto related transactions. This update had raised the concerns and generated fear among the crypto network.
Pointing towards the meeting held between the financial ministry,Russian Central Bank and the Federal Security Service,Alexei said,
“There is a range [of possibilities] from prohibition to the possibility of purchase. 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.”
These legal actions were being taken in order to align the country’s crypto related regulations as per the guidelines set by the Financial Action Task Force [FATF]. With stricter rules, the global crypto regulatory board wanted to safeguard the users from the illegal activities and Ponzi schemes. Russian body’s step in this direction will impact the crypto community largely due to the wider user base currently using the digital coins.
If the bill is passed in the near future, crypto trading will be considered similar to exchanging the native fiat currency with foreign currencies, making the trading of digital coins easier.