Russia’s ministry of finance has published a bill on digital assets regulation, which, among other things, defines cryptocurrencies, tokens, mining, and ICO’s.
According to Arseni Scheltsin, the director of Russia’s Cryptocurrency and Blockchain Association, the proposals on creating and regulating a national cryptocurrency will be officially presented in July 2018, while a full-fledge launch would take a year after that.
Following the presentation of a drafted bill to place regulations on the usage of cryptocurrency in Russia on December 28, a list of approved cryptocurrency trading platforms is being developed by the Russian Ministry of Finance.
Sberbank has become the first Russian bank to carry out a payment transaction using the blockchain technology, which allows transfers within a few seconds.
Major Russian businessmen are interested in cryptocurrencies, while one tenth of the Forbes list invest in this new kind of financial tool.
A senior official at Russia’s Central Bank insists the so called initial coin offerings (ICOs) could drive funding opportunities for startups, which is why the regulator is ready support the development of the blockchain funding model.
The deputy head of Russia’s central bank Olga Skorobogatova has stated that cryptocurrency mining as a business has to be registered and taxed. The official insists that mining is more than just production of cryptocurrencies. “Mining is validation of transactions that are represented as blocks on the blockchain. Validation is.
Speaking at the state-owned TV channel Russia 1, the country’s finance minister Anton Siluanov has stated that bitcoin will not replace ruble for internal settlements.