Russian Finance Minister Anton Siluanov stated his department would regulate the usage of digital currencies in the country by the end of 2017. Anton Siluanov supplied insight into the authorities’ plans to oversee Russia’s digital currency marketplace throughout an appearance on the Moscow financial forum remaining Friday. Echoing preceding statements by participants of the Russian authorities, Anton Siluanov noted that banning digital currencies does not make sense and that the ministry will probably deal with digital monies in addition to securities.
Anton Siluanov said:
“The nation actually is aware that digital currencies are a reality, there’s no point in prohibiting them. It is possible to regulate them, so the Finance Ministry will draw up a bill by the end of the year.”
His feedback add to those coming from different quarters of the Russian authorities, providing yet another window into what might be a finished policy move by the end of the 12 months. earlier this month, Russian State Duma economic markets committee head Anatoly Aksakov mentioned that he would be forming an operating organization to determine how best to create rules regulating digital currencies. Aksakov additionally indicated a bill would be passed earlier than the end of these 12 months. Russia’s central bank additionally declared it was operating on a regulation for digital currencies during this year.
Even as the government might be regulating them, digital currencies are nevertheless unstable, Anton Siluanov mentioned. There’s an incredible capability for fraud because of the nature of buying and selling digital currencies. He cited the technology as being insecure.
Minister of economic development Maxim Oreshkin agreed, calling digital currencies risky and noting financial institutions may find it hard to conduct transactions with them. Digital currencies’ capability to raise or drop in value fast especially is of issue.
Maxim Oreshkin said:
“We see that the volatility that exists here is tens of percent in one direction, tens of percent within the other direction, which in truth is awful about this tool. Regulating the marketplace might prevent those fast shifts, ensuring more protection for people who trade in these currencies.”