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The Ministry of Finance, together with Rosfinmonitoring and the Central Bank, are working on regulating the issue, circulation and operations in digital currencies for settlements with other countries
The Russian authorities will develop mechanisms regulating the issuance, circulation and operations in digital currencies by the end of the year. The Ministry of Finance is working on this together with Rosfinmonitoring and the Bank of Russia, including international settlements, Izvestia writes.
The new document elaborates the calculation mechanism. The current version of the bill provides not only a local infrastructure for cryptocurrency trading, but also the regulation of mining. In this case, mining is considered separately. In particular, it is assumed that the extraction of digital currencies will be taxed when they are converted to fiat.
Rosfinmonitoring emphasized that the activities of organizations that will exchange digital currency, transfer it and store it should be regulated, including such organizations that need to be regulated, registered or licensed. The duties of such structures should include countering the laundering of proceeds from crime and the financing of terrorism.
Earlier, Deputy Minister of Finance of Russia Alexei Moiseev said that the Bank of Russia and the Ministry of Finance had generally agreed on a bill regarding the use of cryptocurrencies in cross-border settlements. According to Moiseev, despite the fact that national currencies will be the main instrument for such calculations, the agency and the regulator agreed that payments in cryptocurrencies would also be appropriate.
The bill prescribes how cryptocurrency can be purchased, how it can or cannot be paid for, Moiseev said. However, he noted that the problem of “entry and exit to fiat” still remains unresolved. In addition, one of the main tasks to be solved next is to understand what is the minimum infrastructure that needs to be created in order to be able to implement such payments.
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