MOSCOW: Russia’s Finance Ministry published draft legislation to regulate operations using cryptocurrencies, putting it at odds with the central bank’s resistance to allowing their exchange into rubles and other currencies.
Licensed operators would be able to validate conversion of cryptocurrencies into other digital instruments as well as rubles or foreign currencies, according to the bill. Digital assets themselves wouldn’t be deemed as legal means of payment in Russia, while the proposals also set out measures for domestic regulation of initial coin offerings.
Governments around the world are increasing scrutiny of digital currencies as soaring prices attract everyone from mom-and-pop investors to Wall Street banks. The Russian bill emerged after months of discussion between the country’s financial authorities, with central bank officials expressing skepticism over the use of cryptocurrencies.
The International Monetary Fund, the U.S. Treasury, France and Germany are all pushing for greater coordination and regulation of digital currencies at the Group of 20 nations level, as their sharp volatility, soaring value and anonymity attract more investors and in some cases may be used for illicit transfers.
