Russia has in recent past displayed skepticism towards cryptocurrency. This has led to regulatory actions and the passage of laws meant to restrict the use of digital currencies as means of transfer of value.
However there are signs that the growing popularity of cryptocurrencies and the potentials of blockchain technology have seen that mindset begin to change.
There had been reports earlier in the year that Russia regulatory bodies were considering loosening restrictions on cryptocurrencies. This was reported last week by a Russian media, Interfax.
Alexei Moiseyev, a member of the ministry of Finance, told reporters on Friday that cryptocurrency trading could be allowed in the next bill on the circulation of tokens by the Russian Federation.
Moiseyev also stated that the finance ministry had approved separate legislation for initial coin offerings (ICO), which will be part of Russia’s law on collective financing.
Anatoly Aksakov, the head of the Financial Market Committee of the Duma , revealed that the pending decision was a compromise and noted that the Financial Action Task Force recommended that Russia adopt a bill to regulate the circulation of cryptocurrencies by the end of this year.
If the regulation is passed into law it will nullify the bill that was approved last year May which prohibits the use of cryptographic assets as a means of payment in Russia.
This is a pleasant surprise as the stance of the regulators has changed in the past 12 months which is good news for the crypto community.
Also this week came the news that the head of the Bank of Russia said the financial institution is exploring the possibility of launching a digital currency. Although this is not the first time the apex bank has talked about such national digital currency, it may well be that the bank has serious plans to bring it to fruition this time.
Russia is one of the biggest economies in the world and the news about a possible adoption of crypto currency bodes well for the future.
The market over the week has seen an upsurge in demand, possibly buoyed by the news indicating the growing importance of cryptocurrency across the world.
Bitcoin is presently trading at $10,939 in a steady ascent that has seen it retract after hitting $11,000 over the weekend.