Russia Legalized Cryptocurrency while the Central Bank Disapproves
Russia’s Ministry of Finance introduces a digital assets regulation bull leagalizing cryptocurrency reading even though there were disagreements with the central bank. The regulation bill defines and establishes a regulatory system for cryptocurrencies, ICOs, mining and trading.
Notably, the central bank of Russia disagrees with Ministry of Finance that cryptocurrency exchange should be legally accepted. According to the central bank, the digital currency trading rules should be only applied to tokens that would attract financial investments.
However, the authors of the bill are sure that the legal status of cryptocurrency exchange would reduce the risks of fraud and will provide fiscal transparency, which is expected to increase tax revenue of the government. In contrast, banning cryptocurrency trading would cause a situation when the currency is used for unlawful purposes.
image via Coin Telegraph