The Russian Ministry of Finance has prepared a draft law on regulation of cryptocurrencies such as bitcoin, TASS reported.

Finance Minister Anton Siluanov made the announcement in an interview with Rossiya 24 TV channel, saying:

"The Ministry of Finance has prepared a draft law, currently under consideration, which will determine the procedure for issuing, taxing, buying and circulation of cryptocurrency.”

This follows the instructions from the Russian President Vladimir Putin to the government and the central bank to work on the legislative regulation of cryptocurrencies, mining and initial coin offering (ICO) by July 2018.