Monday, September 25, 2017

Russia's new regulation over Bitcoin could include them putting it on their primary market exchanges

Over the past month most of the cryptocurrency news has involved China and their crackdown on ICO's and Bitcoin exchanges.  However behind the scenes another government appears to be ready to implement its own new regulations on cryptocurrencies.

On Sept. 25, the Lower House of Russia's Duma (legislature) announced they were getting ready to propose new regulatory legislation on cryptocurrencies that would include a pilot program of putting Bitcoin trading on the nation's primary market exchanges.

Russia's lower house of the Federal Assembly, the State Duma, is expected to put forward a bill in October regulating the trade of cryptocurrencies. At the moment, bitcoin and other digital money are neither permitted nor prohibited. 
"When will the bill be ready? I think it will have been prepared in October, and then we will discuss it before adopting (into law)," a Chairman of the State Duma Committee on Financial Markets Anatoly Aksakov told TASS news agency. 
Aksakov has proposed to start a pilot program of bitcoin trading on Russian exchanges. He suggests such settlements make it possible to bypass sanctions for those who want to invest in Russian projects, including in the Crimea. 
Russian Finance Minister Anton Siluanov earlier said that a bill regulating cryptocurrencies in Russia would be ready by the end of the year. 
In August, Deputy Finance Minister Aleksey Moiseev pointed out that the government wants to protect the public from bitcoin trading, as it is extremely volatile and resembles a pyramid. – Russia Today

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