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Cryptocurrency Legislation In Russia Might Become A Reality By Fall

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With cryptocurrencies making significant strides it is not long that regulatory bodies around the world are sitting up and taking notice of the same. The reception of these digital currency forms have been irregular over geographical territories. However countries like Russia have been the frontrunner in embracing the Bitcoin powered winds of change since the very beginning. And the latest announcement made by officials indicating at drafting of brand new laws for bringing the crypto sphere under its purview which is all set to become a reality by end of this fall has added to the digital currency’s diamond lustre.

Anatoly Aksakov who looks after financial market committee of State Duma recently revealed to Russian media that their next step involves setting up of a dedicated working committee who shall address this issue in details. He also revealed his plans of meeting officials from Ministry of Finance and Russia’s central bank in the coming days.

Also read: Bitcoin to be soon recognized in Russia as Digital Commodity, and taxed accordingly

Bitcoin have been the core area of concern of Russian officials who have been toiling hard to bring forward a tech legislation to life since 2014. As per Aksakov, the next couple of months are sufficient for the lawmakers to complete their service drill. Adoption of this law will help in creating a legal atmosphere conducive to the development of this new market brimming with possibilities. Russia had been serving as the core of an active Bitcoin volcano since some time now.

Deputy Finance Minister of Russia announced few days back that he feels bitcoin trading needs to be restricted only for qualified investors. Vladimir Putin’s chief internet advisor also sent ripples through cryptosphere when he announced the formation of a brand new cryptocurrency advocacy group and blockchain earlier this week.

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