Russian cryptocurrency legislators reject to ban coins completely

Russian authorities plan to limit the buying of cryptocurrency, as was decided in the recent Sochi meeting of officials (including the President). The Deputy Finance Minister suggests to review the international legal practice and then set a precise cap.

Alexei Kudrin, who is currently not in the Ministry of Finance but was the head of this body some time ago and still an influential figure in Russian politics, told he is optimistic about cryptocurrency market in Russia. As he views the situation, three or four years later “a civilized market” will be established, and before that, the authorities are to focus on consumer protection.

Meanwhile, Vyacheslav Volodin, the speaker of the Russian Parliament and a former first Vice Head of the Administration of the President of Russian Federation, told on TV (Russia 24 channel) that the haste on this matter would prove wrong, it would turn out to be an error that could cost dearly. “We can’t take purely prohibitive measures — a wise and efficient decision must be taken,” Volodin stressed.

This all indicates that Vladimir Putin has decided to listen to his advisors who previously suggested not to lose possible revenue the cryptocurrency sphere can bring and does not want the total prohibition of the market.