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Bitcoin and cryptocurrencies trading 'to become officially legal in Russia'

19/01/2018 News Team

The Russian Ministry of Finance has drafted a bill to legalise the trading of cryptocurrencies on approved exchanges, according to reports in the Russian media.

"This is about the fact that buying and selling of cryptocurrencies will be somehow standardised. The general idea is that it will be necessary to buy and sell on official exchanges, and as it will be declared, it will be legalised,” commented deputy finance minister Alexei Moiseev.

Pavel Matveev, chief executive of Wirex, a provider of cryptocurrency debit cards, stressed that this was “big news coming out of Russia”.

“Firstly, it fires a starting pistol amongst states racing to benefit from the heightened interest and commerce around cryptocurrencies. Any state legitimising cryptocurrency trading helps to improve cryptocurrencies’ status as a credible means of capital allocation and exchange. This provides financial institutions a buy signal and provides comfort to market more products," he said.

“Will Western European states create policies to cede control of cryptocurrencies to Russia? We think they will fight increasingly more amongst one another to take control.”

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