Russian authorities have agreed to regulate the crypto-currency market and hope to set out how this regulation will work by the end of the year, Finance Minister Anton Siluanov said on Wednesday, a day after President Vladimir Putin called a meeting on the use of digital technology in finance and the implementation of innovative financial tools, Reuters reported.
Addressing a government meeting in Sochi on Tuesday, Putin said “the issuance and circulation of cryptocurrencies in Russia should be controlled by the state.”
“The use of crypto-currencies carries serious risks. Crypto-currencies could be used to launder money, evade taxes and finance terrorism. Cryptocurrencies are issued by an unlimited number of anonymous bodies. Thus their buyers could be involved in unlawful activities,” Putin said.
"We have agreed that the state should regulate the issuing of cryptocurrencies, their mining and turnover. The state should take all this under control," said Siluanov, who attended Tuesday's meeting.
Siluanov's comments echoed his earlier calls to control and supervise the market for virtual currencies.
Siluanov said his ministry would work with the central bank on regulating cryptocurrencies in Russia.