Russia’s Ministry of Finance started public discussions on the regulation of cryptocurrencies

The ministry has announced the drafting of two bills and the hearings will continue until March 18

19.02.2022 - 09:15

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What’s new? The Ministry of Finance of the Russian Federation has announced the beginning of public discussions on the regulation of cryptocurrencies. The Ministry of Finance has also started drafting two bills: “On Digital Currency” and “On Amending Certain Laws of the Russian Federation in connection with the adoption of the Federal Law “On Digital Currency.” The hearings on this topic will continue until March 18, RBC reports.

RBC’s material

What preceded these events? The Russian authorities have long been discussing the possibility of adopting cryptocurrencies. President Vladimir Putin has personally called for the regulation of digital assets, while Deputy Finance Minister Alexey Moiseev said that a relevant bill will be drafted by February 18.

Deputy Prime Minister Dmitry Chernyshenko has also approved a roadmap of cryptocurrencies. According to it, the regulatory authorities will identify holders of digital assets. There will also be a liability for the illegal turnover of cryptocurrency and a methodology for assessing its value will be developed.

However, the Central Bank and the Ministry of Finance have not yet been able to reach a compromise on the regulatory issue. The representatives of the departments have decided to systematize and fix the disagreements for further negotiations.

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