The Ministry shows a change of heart promising to revise its draft law on digital currencies with regard to what fintech experts have to say. Instead of seven years in jail – bitcoin legalisation?

Deputy minister of finance Alexey Moiseev has made a reassuring statement today speaking to the press about the prospective law on “surrogate money”. According to him, the ministry will not make hasty decisions.

“The draft law is ready, of course, but we would not rush it, and most likely it will change as we progress. I would like to have a series of consultations with experts and take the time to think what we need to do. I guess, considering the progress of the technologies, a blunt prohibition would be not quite right,” Moiseev said as quoted by TASS.

The official said the authorities should make sure the cryptocurrencies are not used for illegal transactions and criminal money laundering.

“We can see from European official sources that about 80% of all suspicious transactions connected with racket, money laundering and the like pass through bitcoins. We should not forget terrorism financing, of course, which directly stems from all this,” Moiseev stated.

The draft law should reinforce the role of the Bank of Russia as the sole money issuer, said the official. Apart from that, all other uses of cryptocurrencies should be legalised. The only problem is the terminology, which the ministry seeks to solve with the help of financial experts.

“As for everything else (apart from issuance) – do what you want. How should we put it? I am still not sure that what we have written [in the draft law] is what I actually want to see. We will give it another thought, will communicate with experts more proactively,” said Moiseev.

The Ministry of Finance earlier employed a much harsher rhetoric about cryptocurrencies. One of the previous versions of the draft law suggested up to seven years’ imprisonment for mining and circulation of the “surrogate money”.

Nadezhda Krasnushkina