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Russia and Regulation of Cryptocurrencies
Editorial Team

Anton Siluanov –Russian politician and economist,Minister of Finance of Russia in a recent interview has said that Russia will regulate Crypto currencies by the end of 2017. As per Siluanov “Banning cryptocurrencies does not make sense and that the ministry will likely treat digital monies similarly to securities” . “The state understands indeed that crypto-currencies are real,” said Siluanov. The Russian government is also planning to introduce new laws pertaining to Cryptocurrencies. The regulation is likely to stipulate that anyone purchasing cryptocurrency will need to be first registered. Later a clear delineation of what the government deems acceptable as how funds are bought and circulated. As per the announcement from State Duma financial markets committee head Anatoly Aksakov that there will be a working committee to be formed and will create a regulation related to cryptocurrency and likely a bill will be passed by the end of the year 2017.Siluanov also added that While the government would be regulating them, cryptocurrencies are still risky, There is an immense potential for fraud due to the nature of trading cryptocurrencies. He referred to the technology as being insecure.

 

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