Russia will treat blockchain-based currencies like securities, according to Finance Minister Anton Siluanov.
On Friday, September 8, 2017, in a departure from the manner in which China is handling cryptocurrencies (which recently banned token offerings), Finance Minister Anton Siluanov told reporters that Moscow will instead plan to regulate cryptocurrencies like securities.
Support for cryptocurrencies has been slowly mounting in Russia after 2016, when Deputy Finance Minister Alexey Moiseev revised a proposed law from the Ministry of Finance, allowing for the use of cryptocurrencies in sales abroad and outside purchasing. The latest news from Moscow falls in line with developments of blockchain technology in the socialist federation, including the development of a national digital currency.
After President Vladimir Putin briefly met with Ethereum founder Vitalik Buterin during a visit Buterin paid to industry leaders in Russia, positive sentiment towards cryptocurrencies has issued forth from the former Soviet Republic.
Buterin recently also signed agreements with Vnesheconombank and Ethereum Russia, a company he co-founded with Vladislav Martynov, CEO of Yota Devices. Vnesheconombank carried forward that momentum by forming a cooperative agreement to develop blockchain education programs in Russia with ANO Strategic Initiatives Agency, Young Professionals Union, and Cyber Russia.
In Moscow, Siluanov told reporters, “The state certainly understands that cryptocurrencies are a reality, there is no point in prohibiting them. It is possible to regulate them, so the Finance Ministry will draw up a bill by the end of the year.”
ETHNews will provide additional coverage as the Russian Ministry of Finance moves forward.