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Russian Ministry of Finance proposes to limit access to crypto-currencies

The Ministry of Finance proposes to equate the crypto-currency with securities and sell it only through the Moscow stock exchange and only to qualified investors.

28.Aug.17 2:44 PM
By Daria Zaytseva


Russian Ministry of Finance proposes to limit access to crypto-currencies

According to Deputy Finance Minister Alexei Moiseyev, the Ministry of Finance, the Central Bank and the Moscow Stock Exchange are currently negotiating for the admission of crypto-currencies.

Earlier, the Ministry of Finance intended to introduce crypto-currencies into the legislation in the form of digital assets.

Restrictions on trade in crypto currency Moiseyev explains the high risks with which investing in this instrument is connected.

The last year was marked by an unprecedented growth of the generally unregulated market of crypto-currencies: a dozen new ones appear monthly within the framework of primary placements (ICO).

At the beginning of 2017, the total value, or market capitalization, of all existing crypto-currencies was about $ 17.5 billion, almost 90 percent of which was accounted for by bitcoin, according to the data of the analytical firm CoinMarketCap. Now, this figure has almost reached $ 120 billion, almost equaling the value of Goldman and RBS combined, and now only 46 percent are needed for bitcoins.

The CBR has recently softened its position regarding the prospects for crypto-currency in Russia.

Using crypto currency for illegal operations is another reason for regulating these instruments.

The Ministry of Finance is ready to submit these proposals to the government in the near future.

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