According to a local media report, the Russian Ministry of Finance is getting ready to legalize the cryptocurrency trading on approved exchanges. As per the report, a bill is being drafted to this effect. The Russian Deputy Finance Minister Alexei Moiseev, said in a statement that the government is thinking of providing greater oversight, by somehow standardizing the buying and selling of cryptocurrencies. He further mentioned that it will be necessary to buy and sell on official exchanges, which means that it will be declared and hence will be legalized.

Considering that many other Russian officials have in the recent past spoken differently, this move from the Russian Ministry of Finance is a surprise. The Deputy Minister Moiseev, though, had all along maintained that there would be legalization of bitcoin, even if with a few restrictions.

The Future

If this bill comes into effect, it would open the doors for, more open trading of cryptocurrency as well as investment, in Russia. Many other countries have also issued statements with respect to cryptocurrencies; they have made their positions clear by either banning it or legalizing it.

In Russia, Moiseev admitted that the issue of which exchanges to be legalized is as yet unresolved, but that the idea that it should be done is more or less clear. Many people within the cryptocurrency industry feel that this Russian move, could just be the first of many. The cryptocurrencies have made an impact in terms of removing boundaries between the parties through their trust networks. This was further emphasized by Carl Bennetts, the co-founder of Status, in a statement he made to Cointelegraph. He said that while earlier people relied on central authorities to conduct trade, the blockchains have shifted this trust and made it possible to move towards a society without middlemen, enabling true peer to peer trade, law and commerce.