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Cryptocurrency to be legalized in Russia by 2018

Cryptocurrency to be legalized in Russia by 2018

Russian authorities are considering the possibility of legalizing Bitcoin and the rest of cryptocurrency transactions by 2018 in the context of suppression of unlawful money transfers. It was officially announced by the Deputy Minister of Finance of the Russian Federation, Alexey Moiseev.

“The government has to be aware of every participant of the financial operation. If it is an economic transaction, all of its participants have to make sure they know who they are buying from and whom they are selling to, as it is practiced in conventional banking transactions”,  Moiseev pointed out.

In the beginning of February vice-chairman of the Central Bank of the Russian Federation Olga Skorobogatova informed that the Central Bank and the Ministry of Finance are looking forward to making a proposal on regulation of cryptocurrency in Russia. In addition to the above, she stated that for the time being cryptocurrency transactions in the Russian Federation are quite scarce and do not require urgent measures from regulators.

Bitcoin, released on market back in 2009, still remains one most popular cryptocurrencies in the world. It is a brand new type of currency or so called “virtual money” embodied in a form of a programme code unregulated by any of the existing countries or banking authorities. One of the special features of Bitcoin is its amazing function to ensure complete anonymity of a person or a group of people making purchases via this very type of currency.

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