It’s obvious that governments of different countries are putting their best efforts in making crypto trading as a legal market. In this, regard the Russian government has come to an agreement on the law regulating initial coin offering’s (ICO) and trading cryptocurrency in the country.
After the long haul Bank of Russia and Ministry of Finance have come up with a bill to control the activities related to cryptocurrencies in the country. Russian Deputy Minister of Finance Alexei Moiseev said that conflicts between two parties have been resolved and the final bill will be passed soon.
As per draft submitted by Ministry of Finance from Russia government, the law would impose a threshold for ICO activities in Russia as an effort to allow token sales under a regulated environment.
However, the law would allow these offerings to be exchanged with Russian rubles and other assets, led to contradictory opinions from the Bank of Russia, the country’s central bank.
Now, while the country awaits a date in the summer for the launch of the new law, the two government agencies have reached a consensus that the opinion of the Bank of Russia will have precedents.
According to RIA, the Bank of Russia said it can now consider the option of allowing investors to exchange chips issued under the proposed ICO framework with fiat currencies. However, the exchange of crypto-to-crypto may not be allowed in an effort to avoid “questionable” anonymous transactions, RIA said.