Russian Ministry Slams Brakes on Legal Status of Bitcoin and Cryptocurrency

Russia’s Ministry of Finance is reportedly postponing a decision on the fate of cryptocurrency trading in the country.

According to a report from the Russian news service Tass, the Chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov, a bill on how Russia will handle crypto assets will likely be passed this autumn.

Leaders had initially hoped to pass the legislation this month.

According to a recent report from Interfax, the agency may ultimately decide to legalize the sale and purchase of cryptocurrency, but prevent citizens from spending their digital assets on goods and services.

“In terms of cryptocurrency, the last question that remains is – literally today we had a meeting with the participation of both the Central Bank and the FSB.

In fact, we now have a question of determining how much cryptocurrency can be used. There is a range from prohibition to possibility of purchase. It may become possible to buy and sell, but not pay [with cryptocurrency].”

Aksakov says Russian citizens will likely be allowed to buy and sell cryptocurrencies on foreign sites, even if local exchanges are not legalized in the country.

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