Russia’s National Council for Financial Stability met Tuesday headed by Prime Minister Igor Shuvalov to discuss regulation of bitcoin and cryptocurrencies. No immediate action was taken, but headway was made on the matter, and it was not favorable for bitcoin. Deputy Minister Alexey Moiseev was quoted, saying:

“No regulator doubts that payments will be banned.”

Others involved in the regulatory process believe that there is hope. Anatoly Aksakov expressed his optimism saying, “The discussions will continue. I think that within the framework of these discussions we will decide what we will do with it.” After all, a special council has been established for the express purpose of deciding how to handle cryptocurrency. Many others have shared opinions, with the consensus being that legalizing cryptocurrencies would be an economic boon, but regulation is “necessary”. Aksakov elaborated on his favorable position toward crypto, commenting that “…there is a market [for bitcoin]. It is developing rapidly and there are certain advantages that could be used…I have a positive attitude to this, but there is another point. In order to reach a decision, consensus will be necessary.”

Further discussion will take place at the next meeting hosted by the International Council on financial Stability, scheduled for October 6. Aksakov believes that this meeting will likely finalize Russia’s stance on the decentralized currencies. At the very latest, we should have a verdict by year’s end, as disclosed by Anton Soluanov. He says the finance ministry has already drafted a law.

“All countries are working to legislatively regulate the use of this financial instrument, and the financial instrument is very volatile, that is, today it has one price, tomorrow another. In order for us not to have so-called deceived investors, regulation is necessary. The Ministry of Finance will prepare such a draft law by the end of the year.”

Anton took his support further, suggesting that the process of buying cryptocurrency is too difficult and should be simplified. He likes the idea of auctioning them in a similar fashion to savings bonds, and referenced the Russian OFZs as an example to illustrate his thoughts.

Unfortunately, he does not have the full support of the figureheads around him. Russian regulators seem reluctant to finalize the country’s official position on digital currencies, having kicked the bucket down the road several times at this point. Perhaps he can sway the impending final decision in favor of the growing, passionate crypto community.

 
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Creighton Piper

Creighton is a media contributor and Partner with Crypto Answers.
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