The mining and circulation of Bitcoin and cryptocurrencies are being officially regulated by the Russian government. The decision was made at a meeting between President Vladimir Putin with officials and business leaders.
“We have agreed on the following: the state should regulate the process of issuing cryptocurrencies, the process of mining, the process of circulation,” said Finance Minister Anton Siluanov on Wednesday.
“The state should head this situation and regulate it legally,” the finance minister said.
The meeting on Tuesday 10th October 2017 was attended by Siluanov, Central Bank Governor Elvira Nabiullina, the CEO of the Qiwi payment system Sergey Solonin and others.
President Putin stressed that the state should regulate cryptocurrencies, but not create barriers for investors.
“We need, based on international experience, to build a regulatory environment that will systematize relations in this area, to protect, of course, the interests of citizens, business, and the state, to provide legal guarantees for working with innovative financial instruments,” he said.
This is huge news for Bitcoin and cryptocurrencies as it highlights the mass acceptance we are seeing from major global players.
The rest of the world will not be far behind in the race to accept and regulate Bitcoin and cryptocurrencies.
Exciting times for us as this is an indication that mass adoption may be round the corner!