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Finance Minister: Russia to regulate Bitcoin Market

Anton Siluanov, Finance Minister, Russia wants to regulate the circulation of Bitcoin market involving Russian firms and citizens. Financial authorities of Russia initially treated any sort of money issues by non-state permitted institute. As prohibited but later accepted globally booming market of cryptocurrencies.

Siluanov said,

“The state understands indeed that crypto-currencies are real. There is no sense in banning them, there is a need to regulate them. The finance ministry will finish working on a law that would define a procedure for buying crypto-currencies, which would also include registration of those willing to buy the virtual money. Buying of crypto-currencies should be similar to buying securities, such as treasury bonds for households launched by the finance ministry this year”.

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Also Read: Russia opens 1st criminal case with Bitcoin

Wherein, he did not reveal the criteria for establishing the cryptocurrency transactions that would subject to Russian regulations. At a financial forum in central Moscow, Siluanov warned that investments in instable cryptocurrencies are uncertain and risks. Formerly, the central bank Russia currencies were use in illegitimate operations like money laundering and promised to crack down on the investment.

Bitcoin the most popular well-known virtual currency occurs in mid-2010. It is progressively popular globally. Lastly, one bitcoin traded around $4460, up from its original price of less than $1. Siluanov says, his investors should be attentive of risks related to virtual currencies. He mentioned, his ministry’s task was to “make investment into such instruments regulated. We must make an systematized market out of the black market”.

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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