Russia will officially start the regulation of the mining and usage of cryptocurrencies such as Bitcoin. The decision came after President Putin met with business leaders from the country, and reached an agreement on the regulation, citing that this is the best path to take considering the success of Bitcoin and other cryptocurrencies.
“We have agreed on the following: the state should regulate the process of issuing cryptocurrencies, the process of mining, the process of circulation,” said Finance Minister Anton Siluanov on Wednesday.
“The state should head this situation and regulate it legally,” with the Finance Minister adding that further details on the decision will be released soon.
The meeting where this decision was reached took place on Tuesday, with the attendees including Central Bank Governor, Elvira Nabiullina, the CEO of the Qiwi payment system, Sergey Solonin, and the head of the meeting, President Putin.
Featured Image Credits: Alexei Nikolsky/AP