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Putin backs Finance Ministry’s position on cryptocurrency

October 11, 19:26 UTC+3 MOSCOW

Vladimir Putin warns use of cryptocurrencies carries serious risks

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MOSCOW, October 11. /TASS/. The position of Russia’s Finance Ministry on cryptocurrencies regulation, particularly regarding restrictions on purchase and sale transactions, was generally welcomed at the meeting focused on the cryptocurrencies issues headed by President Vladimir Putin, Deputy Finance Minister Aleksei Moiseev said Wednesday.

"The concepts that we promoted were generally supported. We said that restrictions are needed on purchases and sales, accounts, miners’ taxation and so on," he said when asked about the results of the meeting held on Tuesday and attended by Presidential Aide Andrey Belousov, Finance Minister Anton Siluanov, the Central Bank Chief Elvira Nabiullina, and Qiwi Director General Sergei Solonin.

President Putin said at the meeting that the use of cryptocurrencies carries serious risks, being an opportunity for laundering criminal capitals, evading taxes and financing terrorism, for spreading fraudulent schemes, where citizens may become victims. However, he called for taking the advantages provided by new technology solutions in the banking sector.

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

Chairman of the Central Bank Elvira Nabiullina has repeatedly stressed that the stance of the regulator in relation to cryptocurrencies is unchanged, as it does not support their legalization as a legitimate payment facility, but sees the prospects for the blockchain technology. She also said that cryptocurrencies would not be admitted to the Russian market being ‘quasi-money’.

In September, a work group was formed within the State Duma’s (lower house of parliament) Financial Market Committee to develop proposals on legalization of cryptocurrencies in Russia.

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