Russia’s Ministry of Finance has made a bill to legalize trading of cryptocurrencies on approved exchanges. Alexei Moiseev, the Deputy Finance Minister has declared:
“This is about the fact that buying and selling [of cryptocurrencies] will be somehow standardized. The general idea is that it will be necessary to buy and sell on official exchanges, as it will be declared, it will be legalized.”
The news came as a surprise, given the recent expressed views from other officials. Nonetheless, Mr. Moiseev has maintained that Bitcoin will be legalized with some restrictions.
This bill allows for more open trading and investment within Russia. Many other countries have also taken a stance on the cryptocurrency market, either in favour or against is as they began thinking about legalizing or banning digital currencies.
Russia’s Ministry is considering which exchanges are going to be approved. Moiseev said that this issue of exchanges is unresolved but the overall legalization is clear.
The legalization of cryptocurrencies is seen as one of the first steps towards the adoption of the Blockchain technology to remove boundaries between parties through trust networks. Co-founder of Status, Carl Bennetts, told Cointelegraph:
“Where traditionally we have relied upon central authorities and institutions in order to conduct trade, blockchains shift this trust, and enable us to move towards a society that does away with middle-men and enables truly peer-to-peer trade, commerce and law.”