Russia Forms Committee for Cryptocurrency Experiment

Russia to create committee to issue permits for use of cryptocurrency in foreign trade
A special committee will be created in Russia to issue permits for the use of cryptocurrency in foreign trade calculations for individual operators as part of an experiment, according to Deputy Minister of Finance of Russia, Alexei Moiseev. The committee will include representatives of several ministries, the Central Bank and law enforcement agencies. Moiseev said that the creation of the committee is provided for by a bill currently under consideration by the Committee on the Financial Market of the State Duma. The bill also outlines a permit for the sale of “steamed goods”, but subject to the declaration and transparency of all operations.
If businesses demonstrate that they have a scheme for calculations in cryptocurrency, a special committee will be able to offer support, although Moiseev noted that this will only apply to individual projects. He also stated that changes in legislation would be required, saying: “There is a certain problem: now it is all the grey zone, but if you paint part of this zone white and the other part is black, then you must protect the border between white and black. Therefore, of course, changes in the codes, in the codes, in Administrative Code in the first place. All of this is now being considered in the complex.” Moiseev added that flexibility in foreign trade calculations is needed and that “all possible non-criminal calculation methods, of course, should be used”.