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The Russian Ministry of Finance has legalized the trade in cryptocurrencies, the central bank disagrees

The Ministry of Finance of the Russian Federation (Minfin) has submitted a draft regulation on digital assets. Mining and commercial, local news agency TASS news agency reported today 25 January.

Notably, the central bank of Russia does not agree with the Ministry of Finance that the cryptocurrency exchange should be legally accepted. According to the central bank, the rules for the exchange of digital currencies should only apply to tokens that would attract financial investments.

However, the authors of the bill are certain that the legal status of cryptocurrency trading would reduce the risk of fraud and provide fiscal transparency, which should increase the government's tax revenue. In contrast, the prohibition of cryptocurrency trading would result in a situation where the currency is used for illicit purposes.

According to the terms of the invoice, cryptocurrency and tokens represent a digital financial asset that can not be used as a means of payment

With respect to cryptocurrencies and Tokens exchanged for other cryptocurrencies, rubles and foreign currencies, Minfin claims to protect the rights of unqualified investors by allowing trade only through authorized cryptocurrency exchange operators.

ICOs, tokens may be issued by corporations or sole proprietors for fundraising purposes. ACIs must be accompanied by certain legal documents disclosing the details of the contract such as the full name of the issuer, the location, the official website and the price of a token.

According to the document, non-professional investors are not allowed to invest more than 50,000 rubles, or about $ 900 in each ICO

In addition, the final version of the bill would have was published no later than July 1, 2018, according to Forklog.

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