The Ministry of Finance allowed the recognition of bitcoin by inproduction in 2018

In 2018 bitcoin can officially receive in Russia the status of a financial product, told Bloomberg, Deputy Finance Minister Alexei Moiseev. According to him, the recognition of the cryptocurrency will lead to the fact that in operation it will be subject to the regulations, taken to combat illegal transactions.

“The government needs to know who in each moment of time is on both sides of this financial chain. That is, if the transaction is performed, the people who faciliterait must understand from whom they bought and to whom they have sold”, — said Moiseev.

Statement by Deputy Finance Minister on the preparations for the legalization of bitcoin shows that during the year the attitude of the Department to cryptocurrency completely changed. In the spring of 2016 reported on the development of the Ministry of Finance amendments to the legislation providing for the issuance of cryptocurrencies punishment of deprivation of liberty for a term up to seven years.

However, in August 2016, Moses said that the bill “front ban” bitcoin will be adjusted. And now a new step — the Deputy head of the Ministry of Finance recognizes the need for legalization of bitcoin, although not believe that after the release of the shadow that will become a widely used means of payment.

“We do not believe that people will cease to pay in rubles or in dollars, but will be paying with bitcoins everywhere. Most likely, will form a product that will take its place”, — said Moiseev.

In December 2016 Director of financial technologies, projects and process organization of the Bank of Russia Vadim Kaludov also pointed to the possibility of negative consequences from excessive “crackdown” on the cryptocurrency market. According to him, the adoption of too stringent measures will deter people from those sites occurring on which the financial authorities of Russia have the ability to track.

“This monitoring will remain outside of the country. And I’m not sure that the lack of monitoring within the country will increase the security or stability of the situation in Russia”, — said Kaludov.

At the same time, the head of the Department of the Central Bank stressed that the aggregate value of all released in the world of cryptocurrency right now is less than $15 billion, too little to pose a threat to financial stability.

In early March, 2017 the bitcoin exchange rate reached a maximum in the history of cryptocurrency $1327.