Mishustin recognises the need to integrate cryptocurrencies into Russia’s economy

The decision to integrate digital currencies into Russia’s financial system must be taken jointly with the central bank. This was stated by Russian Prime Minister Mikhail Mishustin at a meeting with LDPR members.

In his view, regulator involvement is necessary to assess the risks cryptocurrencies pose to Russia’s monetary circulation.

“It will be necessary to integrate the mechanism for the circulation of digital currencies into the country’s financial system. Undoubtedly, such questions can only be resolved jointly with the central bank,” Mishustin emphasised.

The Prime Minister also urged continuing the discussion on mining regulation. He noted that last month the government approved the Finance Ministry’s concept, in which these issues were outlined in detail.

“We are happy to consider all your proposals. We believe that everything is possible here, but, of course, with the participation of the Bank of Russia,” he repeated.

Earlier, the Ministry of Finance, based on the government-approved concept, developed the draft law “On Digital Currency.” On 21 February it was submitted to the government for consideration.

The document treats digital currency as property and does not permit its use by legal and natural persons as a means of payment.

It also provides for cryptocurrency transactions to be carried out through Russian banks, identification of crypto-wallet holders, and the segregation of investors by qualifications.

Lawyers agreed that it’s easier to abandon Bitcoin than to operate under such rules.

The Bank of Russia, for its part, presented proposals for a complete ban on digital currencies and fines of up to 1 million rubles.

Earlier, the Ministry of Economic Development conceptually supported the bill.

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