Russian authorities still at odds over cryptocurrencies

While the Russian government and the central bank are preparing to regulate cryptocurrencies and ICOs — with a draft bill expected to be ready by mid-2018 —  notable divergences on the matter can still be observed among the concerned authorities.

Thus Russian officials are wrestling with central bank Governor Elvira Nabiullina to allow the trading of cryptocurrencies on “official” exchanges, including the main Moscow bourse.

While Nabiullina earlier called cryptocurrencies “pyramid schemes” and stated she’s “totally opposed” to private money, Deputy Finance Minister Alexei Moiseev told reporters last week that his ministry will use the “power of words and thoughts” to persuade the Bank of Russia to revise its position regarding cryptocurrency trading,

So far, the central bank still has not supported the ministry’s proposals, he conceded, as reported by Bloomberg.

President Vladimir Putin backed the central bank, saying it’s right to be cautious. There may be a need for legislation because cryptocurrencies are not secure, he said on Thursday.

Other authorities already took steps to limit cryptocurrency trading in the country. In November Roskomnadzor, the Internet and telecom regulator, announced that it has blocked access to 13 websites “trading cryptocurrencies or spreading information about it,” based on court decisions. Access to another 11 sites were maintained after these sites deleted the content which was deemed illegal by Russian courts, the Russian media reported.

“Anonymous payment systems and cryptocurrencies, including the most famous one, bitcoin, have gained some traction, but they are a money substitute that cannot be used for transactions — neither by individuals nor by legal entities” stated the Prosecutor’s General Office at that time, reminding that the ruble is the only official currency in Russia.

See the full scoop over at East-West Digital News: