The Ministry of Finance Proposes New Rules for Cryptocurrencies in Russia

🟡Government officials are starting to realize that cryptocurrencies are not just a trendy hobby for programmers, but a serious financial tool. The Ministry of Finance unexpectedly proposed removing the ban on the circulation of digital currency in Russia from the draft law. This could put an end to the debate about whether cryptocurrencies are fully banned in Russia.

🟡Additionally, the proposal suggests allowing Russian miners to sell mined cryptocurrencies domestically, lifting the ban on advertising cryptocurrency products and services, and permitting cryptocurrency trading on exchanges within an experimental legal regime (ELR).

🟡However, it’s not all positive: Head of Rosfinmonitoring Yuri Chikhanchin stated that the FATF has been reviewing the issue of adding Russia to the “blacklist” for seven consecutive meetings.