Recent reports reveal that Russia is not in any position to ban the cryptocurrencies even with the increasing recognition of blockchain and digital coins. President Vladimir Putin has promised to back up the development of the digital currency technology in the entire Russian Federation. The reason behind the support for the crypto is that it could open more avenues for diversification of the economy.

At the moment, the Russian Finance Ministry is pressing the central bank to legalize the digital currency sector and address the legal issues concerning the industry. According to the former Russian Finance Minister Alexei Kudrin, the self-regulation of the cryptocurrency industry is the best initiative for the country.

Kudrin contributed on the matter via the Twitter, where he commented about the latest developments in the ongoing crypto debate across the globe. The circulation of the cryptocurrency will possibly increase in Russia, but only after the standards are developed and technologies enhanced to reduce the risks that investors encounter in trading the crypto assets.

The discussions about the cryptocurrency regulation in the country are continuing amidst the oncoming pre-election atmosphere. For instance, some disputes have been felt especially between the Central Bank of Russia and Finance Ministry who need to team up on the new legislation. But Kudrin added that the two bodies have agreed on legalizing the initial coin offerings but have differed on the legal status of the bitcoin.

The Finance Ministry published recently the draft law that consists of several bills which governs contracts and tokens, conducting ICO, and cryptocurrency mining. According to the ministry, the legalization of the crypto industry would restrain law violations, encourage transparency for taxation, and augment budget receipts.

However, the Russian’s main monetary authority has opposed the regulation of the crypotcurrencies stating that they are not supported or guaranteed by any government. While the Finance Ministry works so hard to control the digital currency, the central bank has always opposed the initiative. The uncertainty is probably going to extend until the presidential elections are done in March 2018.