Russia is getting closer to deciding on a law covering the trading of cryptocurrency within the country.
Russian deputy finance minister Alexei Moiseev said that a jurisdictional disagreement between the Bank of Russia and the Finance Ministry over the content of a draft law to govern cryptocurrency related activities in the country has been resolved.
The issue is whether the law should allow cryptocurrencies to be exchanged with Russian rubles and other assets, which drew conflicting opinions from the Bank of Russia, the country’s central bank.
Now, as the country is eying a summer deadline to roll out the new law, the two government bodies have reached a consensus that the Bank of Russia’s opinion will take precedent, according to Moiseev.
“Yes. The central bank will make a decision,” he said.
The Bank of Russia has said that it may consider the option of allowing investors to exchange tokens issued under the proposed ICO framework with fiat currencies. However, crypto-to-crypto trading may not be permitted, in an effort to avoid “questionable” anonymous transactions, RIA said.
Write: Richard Abermann