Have Fun Within Reason: Moscow Urges Cautious Approach to Cryptocurrency

© Sputnik / Sergei Pyatakov  / Go to the photo bankRussian officials must approach cautiously the legislation of cryptocurrencies in the Russian market due to risks associated with money laundering, Russia’s deputy finance minister said Wednesday.
Russian officials must approach cautiously the legislation of cryptocurrencies in the Russian market due to risks associated with money laundering, Russia’s deputy finance minister said Wednesday. - Sputnik International
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Russian officials must approach cautiously the legislation of cryptocurrencies in the Russian market due to risks associated with money laundering, Russia’s deputy finance minister said Wednesday.

MOSCOW (Sputnik) – The CEO of Russian Qiwi payment service provider told media earlier in the day that his company had been developing a new "bitruble" cryptocurrency in hopes of entering it into circulation next year.

"The government is currently debating the law [on cryptocurrencies]. Our approach is as follows: have fun with cryptocurrencies as you want, but do not substitute normal money for them," Alexei Moiseev said.

Answering reporters’ questions on the integration of the bitruble in the Russian market, Moiseev classified the cryptocurrency as "some toy" with risks associated with money laundering.

"We will observe international experience. I see no point in us – Russia – being ahead of the world in this matter," the finance deputy minister said.

Russian mobile payments company Qiwi - Sputnik International
Russian Company Plans to Launch 'Bitruble' Сryptocurrency in 2016
Russian law bans the issue of any currency not approved by the Central Bank of Russia. Qiwi has had "several informal meetings" with bank officials on the issue, according to the company.

The bank has stated it was in the process of considering regulating digital currencies, in spite of known risks.

Russian President Vladimir Putin has said the usage of cryptocurrencies would possibly be legalized in Russia in the future, pointing out that currently there are "fundamental problems" with the system.

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