Russia will follow the Ministry of Finance’s suggestion to regulate bitcoin and cryptocurrencies instead of banning them as previously recommended by its central bank.
The Russian government published a document on its official website on Tuesday night that outlines the rationale behind the decision and what plans for the legislation could look like, marking a consensus reached with a Bank of Russia that for weeks vouched to outlaw trading and mining completely.
The Russian government wants to remove cryptocurrencies from the regulatory “gray” area they are currently in and integrate them into the financial system while “protecting the rights and interests of the investors” while dividing them between “qualified” and “non-qualified” investors, the document said.
