The Russian government has supported the concept of regulation of cryptocurrencies developed by the Ministry of Finance. This is reported by RTVI with reference to a source.

Until February 18, the Ministry of Finance together with the Central Bank, which previously advocated a complete ban on digital currency and mining, should prepare a bill on the regulation of crypto-assets.

According to Andrei Lugovoy, deputy chairman of the State Duma’s security committee, the adoption of the concept will be “a breakthrough for Russia,” as it will allow Russians to legally own and use cryptocurrency. The state, in turn, will be able to control this market and ensure tax revenues to the budget, he believes.

Earlier it was reported that the Bank of Russia has familiarized itself with the concept of the Ministry of Finance on the regulation of cryptocurrencies and has a number of comments to it.

According to the press service of the Central Bank, the Ministry of Finance needs to publish the concept so that they can be evaluated by market participants and the public. It added that the proposals to allow cryptocurrencies into the financial system pose a huge risk to financial stability.