Russia Makes U-Turn on Cryptocurrencies After Backing From Putin
The Wild Swings in Cryptocurrency Investments
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Russia is drawing up rules about how to conduct initial coin offerings, breaking ranks with China after President Vladimir Putin signaled his approval for digital currencies.
While China slapped a blanket ban on ICOs this month, the government in Moscow plans to regulate cryptocurrencies like securities rather than outlawing them, Finance Minister Anton Siluanov told reporters on Friday. That marks a full reversal from his ministry’s proposal last year to punish people who use digital currencies with up to seven years in jail.