The Russian Ministry of Telecom and Mass Communications has submitted a draft decree with the government on cryptocurrency regulation, Finance Feeds reports.
The document specifies the technical aspects of the technologies related to cryptocurrencies, including blockchain, TASS quoted Nikolai Nikiforov, Russia’s Minister of Telecom and Mass Communications, as saying.
Mr. Nikiforov noted that a single decree would not be sufficient for regulating the sector and amendments to existing laws might be necessary.
The Central Bank of Russia and the Ministry of Finance will have the final say on any regulation of cryptocurrency and blockchain.
During a meeting with government officials, Central Bank officials and business representatives last week, Russia’s President Vladimir Putin voiced his concerns over the use of cryptocurrencies and instructed the Central Bank and the Finance Ministry to work together to come up with one draft law to provide a basic regulatory framework for cryptocurrencies.
Russian is also preparing to launch its own cryptocurrency – the CryptoRuble.