The Russian government has approved the concept of legislative regulation of digital currencies.
The Russian government has approved the concept of regulation of digital currencies at the legislative level. Thus, the Cabinet of Ministers expressed support for the project developed by the Ministry of Finance, rejecting the proposal of the Central Bank to completely ban cryptocurrency in Russia.
The text of the document says that the goal of regulation is “integration of the mechanism for the circulation of digital currencies into the financial system and ensuring control over cash flows in the circuit of credit institutions.” Such financial assets will be regulated by the state.
Market participants will be required to inform citizens about the increased risks associated with digital currencies. The government website says that the concept involves the creation of the necessary regulatory framework to bring the digital currency industry out of the shadows, as well as enable entrepreneurs to legally carry out their activities.