Topic: [2017-09-09] ‘They’re real’: Russia eyes regulating Bitcoin & other cryptocurren (Read 2786 times)

LOL. Looks like this is just a spin articles and just like any media outlet now, they are riding on bitcoin popularity to get a least a click on their website. As for the Russians regulating bitcoin and other crypto's, I seriously doubt that. Everything news that came of Russia is totally contracting. One day they become a bitcoin friendly country then you will see news saying that they not are interested on it. So for this is another rubbish article and just trying to spin it off to looks like Russia is really bitcoin friendly. I take the news coming from them with a bag of salt. How many times do we really understand that a authoritarian regime wouldn't allow bitcoin and other crypto to flourish because its decentralized.

Russia is developing a legal framework that would regulate the purchase of cryptocurrencies, Russia’s finance minister says, adding that the government wants to legitimize cryptocurrencies and wind down the black market.

Speaking at the II Moscow Financial Forum, Russian Finance Minister Anton Siluanov reassured Russian fans of Bitcoin and other cryptocurrencies that the government has no intention of outlawing cryptocurrencies.

“The state understands indeed that crypto-currencies are real. There is no sense in banning them, there is a need to regulate them,” the minister said.

Instead, the Russian financial authorities are now working to bring operations with cryptocurrencies into compliance with Russian law. The legislation, to be ready by the end of the year, envisions registration of would-be buyers and a clear definition of buying procedures and rules of circulation.

Explaining the need for tighter regulation, Siluanov pointed out that those investing in virtual money are subject to greater risks due to the lack of external regulation.

“We must make an organized market out of the black market,” he said.

While not disclosing details of the proposed law, Siluanov said the ministry’s goal is to make the purchase of cryptocurrencies covered by law to the same degree as buying treasury bonds and other securities.

Earlier it was reported that Russia is mulling prohibiting the mining of cryptocurrencies in apartments. The procedure is deemed unsafe, as substantial increases in power consumption may result in fire.

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