The Russia Federation is getting closer to decide the law, covering the trading of crypto-tokens and ICOs (initial coin offerings) within the country, Russia.
On Monday, a report was released by RIA, which is a Russian news agency that according to Alexei Moiseev (Russian deputy finance), the jurisdictional conflict amid the Finance Ministry and Bank of Russia associated with the subject of draft crypto law to rule cryptocurrency-related activities in Russia has been settled.
Alexei Moiseev has told the journalists that the final word about this conflict of cryptocurrency trading is linked to the Central Bank, which means it belongs to it. At this time, it seems like the Ministry has chosen to relinquish this issue to the core financial regulator.
Alexei Moiseev’s Statement
Alexei Moiseev stated:
“Yes, the disagreement with the CB has been resolved and this issue has been entrusted to the CB. The CB will make decisions [on this matter]”
The new Russian draft law on cryptocurrencies will permit coin trading after proper verification. The Central Bank, also sometimes referred as CB has shown some serious uncertainties earlier and expressed that the digital currencies have to be legal in Russia and suggested to do this only with the ICO tokens. However, the Finance Ministry opposed this, telling that the whole ban of Russian cryptocurrencies would just make a shadow market.
Well, this issue deserves to be mentioned that how digital currencies reemerged just after the local presidential elections, as they’ve remained in the background for the past few months. Seemingly, now that the President has managed to secure his position again, local issues and draft laws are once again getting back on the agenda.
It’s been reported before that a draft has been filed by the Finance Ministry, which would execute a threshold for ICO and its activities related to it in Russia as an exertion to let the token sales under a delimited environment. The law must let these token offerings to be traded with Russian rubles as further assets drew differing sentiments from the Bank of Russia, and the Central Bank of the Company. These two government bodies have achieved a consensus according to Moiseev, as he said:
“Yes. The central bank will make a decision”
What RIA has to say about it?
According to RIA, the Bank of Russia may now consider the option of permitting investors to exchange tokens distributed under the proposed ICO framework with fiat money. Though, “crypto to crypto” trading might not be allowed there.