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Putin's Russia Will Regulate Bitcoin with Control Over Supply & Mining

• Cryptocoins News

Russian finance minister Anton Siluanov has revealed details of last week's meeting on cryptocurrencies and financial technologies (FinTech) between Putin and major Russian financial regulators and authorities. The meeting with the president was also attended by central bank governor Elvira Nabiullina, deputy governor Olga Skorobogatova, presidential aide Andrei Belousov and Russian FinTech Qiwi's CEO Sergei Solonin.

"The President voiced the issues related to cryptocurrencies," Russian news agency TASS quotes Siluanov as stating, with concerns specifically related to anti-money laundering legislation and KYC (know your customer) identification.

Notably, Siluanov stated:

That is why we agreed that the state should control the process of cryptocurrency emission and its circulation. The state should take control over it.

The minister further revealed discussions toward that end in drafting and adopting bills legislating the regulation of mining and circulation of cryptocurrencies in the country.

"I won't speak about specific parameters now but in general we agreed that the state should take a lead in this process and to regulate it on the legislative level," the finance minister added.
According to Russia's deputy finance minister Alexei Moiseev, an official who – until a change of tact recently – led the authoritarian effort to ban bitcoin in Russia from 2015, Putin has backed the Finance Ministry's position on cryptocurrencies.

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