Russian Leaders Push for Bitcoin Trading and Mining Regulations

Russia’s leaders are pushing for fair Bitcoin regulations.
Minister of Finance urges for Bitcoin sales license for Russian banks.
Chamber of Commerce wants to accept Bitcoin mining as established businesses.

Another country has stepped up in an effort to introduce effective crypto regulations within its borders. Indeed, this time it is Russia to make exciting announcements pertaining to crypto regulations.

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To highlight, Russia’s Ministry of Finance is pushing for letting banks sell Bitcoin. Meanwhile, the country’s Chamber of Commerce is all for allowing Bitcoin mining to be recognized as an established business.

In detail, Russia’s Minister of Finance — Anton Siluanov wrote to Prime Minister Mikhail Mishustin. The letter sent on Wednesday, showed Siluanov’s disposition on pushing for crypto regulation over a ban.

More so, the Minister suggests perhaps granting a license to Russian banks. Thus, banks with this license can facilitate Bitcoin trading. In a way, this will give banks the power to function as crypto exchanges.

If this notion passes, cryptocurrencies will gain the status of investment assets. Specifically, this means they will regulate just like cash transactions. More so, market participants will qualify only upon completing KYC and AML procedures.

Meanwhile, the head of the Russian Chamber of Commerce and Industry — Sergey Katyrin, sent a letter to the Ministry of Finance. This letter urges the government institute to also accept Bitcoin mining as an established business.

Furthermore, President Vladimir Putin commends and agrees with the Ministry of Finance’s stand on Bitcoin mining and trading. More so, because they are pushing for it despite the central bank’s repeated warnings about the asset posing risk to the Russian citizens.