Russia’s Finance Minister Promises Crypto Regs By Year-End

Announcements, Crime, FinTech, Investing, News, Regulation | September 11, 2017 By:

Russian Finance Minister Anton Siluanov said there was “no point” in prohibiting cryptocurrencies, and that his department will have a bill by the end of the year with concrete regulations. Siluanov’s comments came last week in an appearance at the Moscow Finance Forum conference.

“The state certainly understands that cryptocurrencies are a reality,” he said. “There is no point in prohibiting them. It is possible to regulate them, so the Finance Ministry will draw up a bill by the end of the year.”

Russia has struggled with the transition to digital currency. Some officials have issued contradicting statements on plans, but largely it appears that regulation proposals will be in place soon. Those would likely include registration of crypto buyers, which takes away the decentralized anonymity afforded by the current system.

Buying cryptocurrency should be similiar to buying securities, Siluanov said. He also called such investments “risky and insecure,” a nod to the Russian government sector that believes crypto is a vehicle for money-laundering and other illegal operations. “We must make an organized market out of the black market,” Siluanov said.