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Russian legislation on regulating cryptocurrencies to be ready in October

September 25, 21:30 UTC+3 ANOSINO

Earlier, Russia's Finance Minister Anton Siluanov said that the bill regulating turnover of cryptocurrencies mayl be ready by the end of 2017

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ANOSINO, September 25. /TASS/. The draft law on regulation of cryptocurrencies will be ready in October, according to Head of the State Duma for the Financial Market Committee Anatoly Aksakov.

"I think we will determine it within a month. I think in October, and then we will discuss it before submitting it," Aksakov said.

Earlier, Finance Minister Anton Siluanov said that the bill regulating turnover of cryptocurrencies in Russia will be ready by the end of the year.

Chairman of the State Duma Committee for Information Policy, Information Technologies and Communication Leonid Levin said earlier he believes that legislative regulation of cryptocurrencies is necessary to avoid emergence of pyramidal schemes.

"In my opinion, in a country where millions have suffered from pyramid schemes, it is impossible to allow the situation when citizens sell apartments in order to make investments in cryptocurrencies to repeat," he said.

According to him, it is necessary to discuss creation of a legislative framework that would regulate these issues. "Cryptocurrencies, which are often presented as safe financial instruments, have been hacked more than once. This year, theft of cryptocurrency amounted to $225 mln," Levin added.

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