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The future of Bitcoin in Russia seems brighter than usual, especially after the recent statement by Alexei Moiseev — the deputy minister of finance. According to Moiseev, The Russian Finance Ministry has completely dropped the idea of banning Bitcoin. Instead, the country will be implementing new cryptocurrency regulations to safeguard the interests of everyone involved. The regulations will not burden Bitcoin sales in the country by imposing new licenses.
Russia is opting for a regulatory approach which is a bit different from other nations. These regulations will be drafted based on the minimal standard requirements for any financial instrument. One of the cryptocurrency news publication quoted Moiseev’s statement to a leading Russian newspaper, where is said,
“There is every likelihood that bitcoin sales will take place under a general brokerage licenses which banks may have.”
His statement points out that the upcoming regulations will put Bitcoin on the same page as any other currency, creating a confluence between conventional financial ecosystem and the modern cryptocurrency ecosystem within the country. The regulations could allow people to buy Bitcoin from banks. It also means that those who are willing to operate a Bitcoin exchange can do so with a standard brokerage license.
He outlined two important factors that are being considered while drafting the new virtual currency regulations. The primary objective is to ensure the applicability of AML and KYC requirements for cryptocurrencies, just like any other financial instrument. And the secondary objective is to protect the interests of customers dealing with cryptocurrencies.
He also went on to mention that the cryptocurrency market is still in its early stages and it needs to be further developed. The finance ministry wants to make it possible for people to buy and sell bitcoin at banks directly, but at the same time, they are open to exploring platforms which could be more efficient than banking institutions.
Since last year Russia has changed its anti-Bitcoin stance to a much more Bitcoin-friendly one. The country has so far showcased progressive developments in the cryptocurrency and blockchain technology sectors. Once Bitcoin officially receives a legal status in the country, demand for cryptocurrency is expected to increase further.
Ref: Forklog | Image: NewsBTC