Russia Starts Developing Bills to Regulate Cryptocurrencies

News and Analysis

Vadim Dengin, a member of the Russian parliament’s working group on cryptocurrencies, that the issue of regulating cryptocurrencies in Russia will be brought up for discussion during parliamentary hearings.

According to Russian state-owned news agency RIA Novosti, he also announced that relevant bills would be developed.

“Roundtables, parliamentary hearings on cryptocurrency, or, in this case, on bitcoin as a trademark that everyone hears about these days, we’ll be doing all that. One way or another, I think there will be bills in relatively short term that would legalize this currency and make it an official currency that can legally turn over in Russia,” he said.

Still, Mr. Dengin did not specify any particular date when those bills could be brought up.

“Sooner or later, just like with user verification, we’ll end up with some bitcoin exchanges,” he added.

Currently, bitcoin is not regulated in Russia. In June, Elvira Nabiullina, the chairwoman of Russia’s Central Bank, stated that the regulator intends to thoroughly study the basic principles behind cryptocurrency before proceeding with introduction of any regulation.

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