Russia preparing to adopt cryptocurrencies

Russia prepares regulation for cryptocurrencies market. Russian Finance Minister, Anton Siluanov, wants rules for the circulation of digital currency involving Russian citizens and companies. Russian financial authorities initially treated any kind of virtual currency as illegal, but then adopted the rapidly growing global crypto exchange market.

Tinuku Russia preparing to adopt cryptocurrencies

By the end of this year, the country's finance ministry will finalize a law that will determine the procedure for buying crypto currency. Russia will join Japan and the Philippines which have endorsed cryptocurrencies, as well as Vietnam and Ukraine, which are designing digital currency regulation.

"The government understands the crypto currency is real.There is no point in forbidding them, a need to regulate it," Siluanov said.

Siluanov said buying a crypto currency should be similar to buying securities, such as treasury bonds launched by the finance ministry this year. The ministry has not yet explained the criteria for establishing crypto currency transactions that are subject to Russian regulations.

Bitcoin as one of the most famous virtual currencies that emerged in mid-2010 and is increasingly popular around the world because it promises big profits. Siluanov said investors should be wary of risks and prevent the black market.