Finance Minister Anton Siluanov
While the central bank opposes the legalization of cryptocurrencies, the Russian finance ministry is drafting a bill to legalize them, according to the Finance Minister Anton Siluanov early this month, stating that the draft law, which provides the legal framework for the circulation of cryptocurrencies in Russia, will be prepared by the end of this year.
As the legal framework is being drafted, discussions are underway regarding how to define cryptocurrency. Deputy Finance Minister Alexei Moiseev proposed in August for cryptocurrencies including bitcoin to be regulated as financial assets and be listed on stock exchanges, such as Moscow Exchange. However, he also suggested that they should only be available to qualified investors. This idea did not receive strong support from other government officials.The finance minister suggested at the Moscow Financial Forum that, instead of restricting them to qualified investors, they should be made available to anyone in the same way federal loan bonds (OFZ) are currently.
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