Russian authorities have not regulated digital yet, but rather Russians are as of now adopting them. Another bitcoin exchange has been opened as of late, not far from one of Moscow’s primary railroad stations, Kursky Vokzal. As per media reports, the bureau is the first of its kind in the Russian capital.
The exchange is trading only bitcoins for Russian rubles in cash. Clients can purchase and offer the digital currency on the off chance that they present an ID. The management claims that their business follows current Russian laws. The bureau is situated on the “Verhniy Susalniy” street. Different workplaces will be opened at two different areas, the business centers “Moscow City” and “Rumyantsevo”, Bitfin reports.
Digital currencies are not viewed as lawful tender in Russia. A draft law to authorize crypto-related activities, similar to initial coin offerings and mining, has been presented in the Duma by the Ministry of Finance. Another bill, co-sponsored by the parliament speaker Vyacheslav Volodin, means to regulate the utilization of “digital money” and ensure “digital rights” of investors. The new legislation should to be adopted by July.
The course of digital currencies and their utilization for payment have separated government establishments. The Finance Ministry wants to legitimize their trade on enlisted exchanges yet the Central Bank has contradicted the idea. There have been calls an outright ban on digital currencies by authorities who think of them as unlawful money surrogates. Then again, the present legislation does not unequivocally ban digital currency operations like exchange services.
“In any democratic society, including Russia, if something isn’t banned, it should be legal,” said Vladimir Yurasov, managing partner at a Moscow-based law firm. “The federal legislation has no provisions prohibiting the use of bitcoin in financial transactions. The purchase and sale of bitcoin do not violate the Civil Code”, he told BFM. If there is no criminal offense, these activities are legal, the lawyer added. Russians can buy bitcoin, both on the internet and on the street, Yurasov said.
The branding of the new crypto exchange, in any case, is somewhat deceptive. The office of “Sbercoin” looks like that of a Sberbank branch – comparative name, similar green colors. The state-owned Russian “Savings bank” is among the greatest in Europe. In spite of its interest in digital currencies, it surely has nothing to do with the little change tucked between a grill and a tobacco shop.