The Ministry of Finance has changed its position in relation to Bitcoin - now authorities are planning to treat cryptocurrency as foreign currency and allow its purchase and sale.

Deputy Finance Minister Alexei Moiseev in an interview to the "Russian Newspaper" said that the new law regulating Bitcoin (currently being developed by the Ministry of Finance) will ban cryptocurrency mining in Russia. "According to the constitution, the only currency in the country is the ruble. Its sole issuer is the Bank of Russia. Thus, the issue of any other currency is illegal", said Moiseev.

Despite the fact that the goal of department is to "exclude cryptocurrency circulation on the territory of Russia", the Finance Ministry wants to develop blokchain technology without harming the Bitcoin industry, which arise from blockchain as "side products".

"Yes, it's impossible to issue foreign currency in Russia. But you can buy foreign currency, put it in your pocket and go abroad. Therefore, we are currently working on precise definitions in the bill, so that it will be possible to buy or sell bitcoins", reassured Moiseev.

According to Mr. Moiseev, the bill on the regulation of cryptocurrency will be introduced in to the Russian parliament by the end of 2016.