Russian economy ministry backs Finance Ministry’s digital-currency bill, urges refinement

The Ministry of Economic Development conceptually backed the Finance Ministry’s bill ‘On Digital Currency’ and proposed refining it. This was reported by Izvestiya.

According to the ministry, definitions for mining, the method of paying for digital currency, and certain requirements for persons acting as operators of digital-currency exchanges and digital trading platforms require clarification.

Feedback from the Finance Ministry on the proposals has not yet been received, the Ministry of Economic Development said.

As reported, the Finance Ministry, based on the government-approved concept, developed the draft law ‘On Digital Currency’. On February 21 it was submitted to the government.

Speaking about the document, lawyers agreed that it’s easier to do away with Bitcoin than to operate under such rules.

For its part, the Bank of Russia presented proposals for regulating cryptocurrencies and sent them to the Finance Ministry. They envisage a full ban on Bitcoin and penalties up to 1 million rubles.

In early March, the Bank of Russia reiterated that it continues to advocate a full ban on the circulation and mining of cryptocurrencies, despite sanctions.