Russia’s Ministry of Finance leans toward allowing Bitcoin to be bought and sold abroad

An official from Russia’s Finance Ministry said the financial regulator now supports a proposed change in the law that would still ban the use of bitcoin in the country but would treat it as a foreign currency.

In an interview with Rossiyskaya Gazeta, Deputy Finance Minister Alexei Moiseev said the change was intended to limit the use of domestic fiat currency alternatives and avoid uncertainty surrounding blockchain.

The announcement represents a shift in tone for the group, which has previously pushed for bills to ban the use of digital currencies and impose criminal liability on Bitcoin users, despite more pro-Bitcoin rhetoric from Russia’s central bank.

According to the interview, the Ministry of Finance continues to support a ban on the use of Bitcoin in Russia, while Russia’s constitution also supports making the ruble the sole currency for domestic trade.

However, Moiseev hinted that his agency will seek legal changes to allow citizens to use Bitcoin.

“Can Russian citizens with wallets use Bitcoin in countries where Bitcoin is allowed? Why not? Therefore, we are trying to reformulate the law in this regard, in order to allow foreign institutions to buy cryptocurrencies and allow Russian citizens to sell Bitcoin abroad,” Moiseev said.

Moiseev also clarified that this will not affect the development of blockchain technology in the country, but will only prevent it from threatening the ruble.

“We have to eliminate bitcoin data released by data operators in order for them to avoid being punished,” Moiseev told the news source.

He said an updated bill would be introduced to the national legislature by the end of 2016.