Russian Business Daily Publishes Article Advocating Russia to Court Cryptocurrency, Not Ban It

Russian Business Daily Publishes Article Advocating Russia to Court Cryptocurrency, Not Ban It

The leading business daily in Russia, the Vedomosti, a publication that pegs itself among the likes of the Financial Times and the Wall Street Journal has published an article titled “Deny or Lead the Cryptocurrency Economies”, which is also the editor’s choice at the time of publishing. An article published by the Vedomosti on December 23 argues that Russia is missing the opportunity to embrace an economy that will benefit from a cryptocurrency and is, instead, prohibiting cryptocurrencies such as Bitcoin which is leading to Russia being transformed into a “passive consumer.”


Related News

Russian Finance Ministry Is Looking to Officially Ban Bitcoin

The Finance Ministry in Russia, long known for taking an aggressive stance against Bitcoin is now developing a proposal to officially ban bitcoin in Russia. The proposal by the Finance Ministry cites the Russian Central Bank to be the sole issuing authority to create what it sees as the only valid currency in the country, the Russian ruble. The Ministry of Finance in Russia is in the process of proposing new amendments to article 27 of the Russian Federation’s Federal Law on the Central Bank (Bank of Russia). A report published today by Moscow-based publication Izvestia, has revealed that....

Russian Court Recognizes Cryptocurrency as Means of Payment, Prosecutors See ...

The City Court of St. Petersburg has recognized a large amount of cryptocurrency handed over by the victim in an extortion case as a means of payment, Russian media reported. The prosecutor’s office in Russia’s second-largest city describes the ruling as a precedent. Two Men Sentenced for Cryptocurrency Extortion in Russia Two Russian citizens have been sentenced to nine and seven years in prison under strict regime for extorting 5 million rubles (almost $90,000) in cash and 55 million rubles (close to $1 million) in digital assets from another man. In the course of the....

Is Russia Considering a Bitcoin Ban?

There has been no shortage of chatter surrounding the legalities of bitcoin in Russia, but a new proposal from the country's Ministry of Finance could see the usage of bitcoin effectively banned moving forward. Last week, an announcement came through on the Ministry's own website at regulation.gov.ru with reference to Article 27 of Russian Federal Law. It reads, in part (via CoinDesk.com): According to Article 27 of the Federal Law 'On the Central Bank of the Russian Federation' (Bank of Russia) the official Russian currency is ruble. The issuance of monetary surrogates in Russia is....

Russia Has Blocked Several Bitcoin Sites in Preperation for Russian Bitcoin Ban

The Russian Bitcoin Ban is still incoming, so it seems. Russian telecom regulator Roskomnadzor has finally acted on a court order from 2014. Russia is currently blocking access to several (seven at last count) Bitcoin-related sites. These websites have been blocked because Bitcoin contributes to the growth of the shadow economy." Some feel that this is just a warm-up for the upcoming Russian Bitcoin ban. Last year, Russia's Ministry of Finance revealed a full draft of their proposed Russian Bitcoin Ban legislation. Russia's stated goal has been to ban Bitcoin by 2015, despite some....

Russian Ministry of Finance Drafts Bill Banning Bitcoin

Deputy Head of Russia's Ministry of Finance Alexei Moiseev has said Russia is likely to pass its digital currency ban in the spring of 2015, according to a report by Russian business news agency Prime. "We might accept this law during this session, but most probably we will do it in spring," Moiseev said. Russia's Ministry of Finance has announced proposals to ban the issuance of bitcoin and any operations involving cryptocurrency. On Friday (1st August), the Finance Ministry announced on the government's regulation website that it was drafting a bill relating to cryptocurrencies, which,....