Bitcoin law: Russia already has a draft for the regulation of cryptocurrencies

Russian authorities are analyzing possible regulations on the cryptocurrency market in response to a possible ban announced by the Central Bank.


Pressure on bitcoin and other cryptocurrencies is growing as international markets announce bans and bans on mining or transferring digital currencies. After the possible announcement of a ban on cryptocurrencies on Russian soil, and after a divergent position by President Vladimir Putin , Russian authorities are already preparing a regulatory framework for the cryptocurrency market.

According to Reuters , the Russian authorities are already preparing a “roadmap” with a series of locks as prevention, but which does not seek a total ban on the use of cryptocurrencies in the country; a position that distances itself from the conditions imposed by the Central Bank, which sought to prohibit its use in Russian territory.

Reuters notes that it had access to the document, prepared by a working group that includes various ministries, security services and the Central Bank itself. The “road map” is signed by Dmitry Chernyshenko, Russia’s deputy prime minister, mentioning the importance of a consolidated policy to avoid future problems.

“We note that the points of the roadmap were fully supported by all agencies, with the exception of the Bank of Russia,” the document mentions. The proposal seeks to promote Russian banking organizations as the exclusive entities in the exchange of cryptocurrencies within that country.

That specific lock will put limits on the promotion of foreign platforms within Russia, the same ones that must request an operating license from the government to be able to carry out operations under Bitcoin, Ethereum and other currencies. Binance, one of the largest in the world, has already shown interest in operating within Russia.