Russian authorities draw up ‘road map’ to regulate cryptocurrencies -document

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MOSCOW (Reuters) – Russian authorities have drawn up a ‘street map’ that envisages restrictions on cryptocurrencies however not a whole ban as advocated by the central financial institution, a doc seen by Reuters confirmed on Friday.

Politicians have pressed for a change of tack by the central financial institution, which has proposed limiting cryptocurrency buying and selling and mining due to issues it could trigger monetary instability.

President Vladimir Putin has requested for a consensus to be discovered.

Working group individuals embody the finance, financial system, digital and inside ministries, the FSB safety service, and the central financial institution. Deputy Prime Minister Dmitry Chernyshenko has signed the street map, in accordance to the doc, first reported by enterprise day by day RBC.

A consultant for Chernyshenko confirmed the doc’s authenticity.

“We be aware that the factors of the street map had been supported in full by all companies, except the Bank of Russia,” the doc stated.

The central financial institution stated it was conversant in the draft of the street map.

“We consider it’s obligatory to put together a federal regulation, establishing a ban on the problem and circulation on Russian territory of personal digital currencies and likewise to decide legal responsibility for violating this ban,” the central financial institution stated in a press release.

The working group’s proposal would permit for the shopping for and promoting of cryptocurrencies to be offered solely by Russian banking organisations.

It proposes creating procedures to block international crypto exchanges from providing providers to customers in Russia however means that international platforms which acquire an acceptable licence can be permitted to function.

Binance, the world’s largest cryptocurrency change, instructed Reuters this week that it desires to broaden in Russia.

(Reporting by Alexander Marrow and Elena Fabrichnaya; enhancing by Jason Neely)



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