Russian prime minister Mikhail Mishustin has appeared to limited back up for the farther evolution of the local cryptocurrency marketplace.

At a recent governmental coming together held on November. 26, Mishustin proposed the introduction of legal protections for crypto holders in the country in order to contribute to the growth of the new industry.

Co-ordinate to Mishustin, such a framework would develop the industry in a "civilized style and so that the owners of such assets tin can protect their rights and interests," while at the aforementioned time preventing "shadow schemes."

Equally function of the plan, Mishustin proposed amending the Russian Taxation Code to recognize cryptocurrencies like Bitcoin (BTC) equally holding, stating:

"Let's brand a number of changes to the Tax Code so digital fiscal avails can be recognized as belongings, and their owners volition be able to count on legal protection in the result of any illegal actions, as well every bit to defend their property rights in courtroom."

Mishustin replaced Russia's onetime prime minister Dmitry Medvedev in January 2020, whereupon he urged the country to prioritize the development of a digital economy. However, the current status of the local crypto ecosystem remains in doubt considering the government is planning to officially ban payments in crypto in Jan 2021. Russian authorities also want to innovate prison terms for declining to report annual crypto transactions of almost $600,000.

Meanwhile, major Russian financial institutions are rushing to launch crypto and blockchain-related services away. On November. 19, Gazprombank Switzerland, a subsidiary of one of the largest banks in Russian federation, debuted its Bitcoin transaction service following regulatory blessing past Swiss regulators.