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Putin reins in cryptocurrency supply in Russia

Putin noted earlier that it was necessary to establish some rules to regulate circulation of cryptocurrencies in the country

MOSCOW, October 11. /TASS/. The issuance and circulation of cryptocurrencies in Russia should be controlled by the state, the relevant decision was made at a meeting with President Vladimir Putin on Tuesday, Finance Minister Anton Siluanov told reporters.

"The president voiced the issues related to cryptocurrencies. This includes difficulties of compliance with anti-money laundering legislation and cases related to complications of identification. That is why we agreed that the state should control the process of cryptocurrency emission and its circulation. The state should take control over it," the minister said.

According to Siluanov, it is necessary to design and adopt bills to regulate the mining and circulation of cryptocurrencies.

"I won’t speak about specific parameters now but in general we agreed that the state should take a lead in this process and to regulate it on the legislative level," the finance minister said.

On October 10, in Sochi, Putin held a meeting that focused on cryptocurrencies. He noted that it is necessary to institute the circulation of cryptocurrencies in Russia and at the same time not to create unnecessary barriers. The meeting was attended by Presidential Aide Andrei Belousov, Finance Minister Anton Siluanov, Russian Central Bank Head Elvira Nabiullina, her deputy Olga Skorobogatova, and Qiwi Russian payment service CEO Sergey Solonin.