Russia to allow Foreign Trading of Virtual Currency

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The Russian Ministry of Finance is proposing to slightly amend its stance to ban virtual currencies. Bitcoin will still be banned in Russia as the Russian constitution mandates that the Ruble be the exclusive currency for domestic commerce.

That said, the Ministry of Finance wants to give the possibility for cryptocurrencies to be used outside of Russia by Russians.

The Amendment will, in essence, define cryptocurrencies as a ‘foreign¬†currency’; prohibited for use domestically but permissible for Russians to trade outside of the territory of Russia.

Alexei Moiseev, the Deputy Finance Minister, states: “Can Russian citizens have a wallet and pay bitcoins in those countries where it is allowed? Why not? Therefore, we are formulating the law in such a way in order to allow buying cryptocurrencies for foreign operations and allow Russian citizens to sell bitcoins for profit reasons in foreign countries“.

It is unclear, at this stage, whether cryptocurrency mining would be affected.