Russian Finance Minister Hopes to Begin Regulating Cryptocurrencies in 2018

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Chairman of the Central Bank Elvira Nabiullina has repeatedly stressed that the stance of the regulator in relation to cryptocurrencies is unchanged, as it does not support their legalization as a legitimate payment facility, but sees the prospects for the blockchain technology.

Turkmenistan's President Gurbanguly Berdymukhamedov, left, presents a puppy to Russian President Vladimir Putin during their meeting in the Bocharov Ruchei residence in the Black Sea resort of Sochi, Russia, Wednesday, Oct. 11, 2017.

"The president voiced the issues related to cryptocurrencies. These are difficulties regarding. money laundering and cases that are related to identification issues", TASS news agency quoted Siluanov as saying on Wednesday.

"We need, based on worldwide 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.

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Siluanov's comments echoed his earlier calls to control and supervise the market for virtual currencies.

Siluanov said that Russia's Central Bank, Ministry of Finances and Federal Financial Monitoring Service will all be involved in the process of preparing regulations on cryptocurrencies.

Russian Finance Minister Anton Siluanov has said that the government may elaborate basic positions on regulating the issuing and circulation of cryptocurrencies and mining by the beginning of 2018. One bitcoin last traded at around $4,762, up from its initial price of less than $1.

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