On Tuesday, the legislation promoted by the Russian Ministry of Finance passed its first vote in the Duma 410-1 and is expected to be ratified in the upcoming months.
It seems that the bill is a way for the Russian government to keep control of money supply in the country while allowing its citizens to speculate on cryptocurrencies without using them. Local exchanges will support a wide variety of cryptocurrencies but will not allow Russian residents to control their private keys, leaving them ripe for government confiscation.
Russia is also reportedly planning to support the local crypto mining industry with 2-year tax breaks. Currently there are no big crypto mining organizations in Russia.