The Russian Ministry of Finance one step closer to banning Bitcoin
Bitcoin, the first and the well-known cryptocurrency, has been a point of contention ever since it drew public attention in late 2013. Since it directly bypasses the established financial systems of sovereign nations, making a new form of virtual currency in a decentralized format accessible to anyone with a computer various countries, approaching it as an illegal commodity, have taken steps to curb its usage, often by citing its use in illegal contexts and thereby taxing it as foreign income or banning the cryptocurrency entirely. Other countries, however, have simply allowed it,....
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Russia's Ministry of Economic Development has criticised a proposed ban on "cash equivalents", according to a report. The ministry said that legislation aimed at banning cash equivalents, including digital currencies like bitcoin, could have negative effects on retailers, telecom operators and banks. Specifically, some provisions of the bill could create excessive restrictions and obligations, creating unreasonable costs for businesses, it said. The ministry therefore asked that the bill be reworked and resubmitted for further consideration. The bill in question was drafted earlier this....
The Ministry of Justice and the Interior Ministry in Russia have – according to reports – questioned the “public danger” that Bitcoin supposedly brings, as proposed by the Russian Ministry of Finance. Unsubstantiated reports from Russian news outlets quoting prominent Russian news agency Interfax have revealed voices in the Ministry of Justice and the Interior Ministry to question and even oppose the Russian Finance Ministry’s proposal for a bitcoin banning bill. A source from “the financial and economic block” of the government has reportedly told Interfax that the Ministry of Justice....
The Ministry of Justice and the Interior Ministry in Russia have – according to reports – questioned the “public danger” that Bitcoin supposedly brings, as proposed by the Russian Ministry of Finance. Unsubstantiated reports from Russian news outlets quoting prominent Russian news agency Interfax have revealed voices in the Ministry of Justice and the Interior Ministry to question and even oppose the Russian Finance Ministry’s proposal for a bitcoin banning bill. A source from “the financial and economic block” of the government has reportedly told Interfax that the Ministry of Justice....
Russia has never been keen on Bitcoin by any means, which has lead to a varied history of banning the digital currency and unbanning it with strict controls in place. Over the years, various Russian Bitcoin websites have been inaccessible, but it looks like the Russian Ministry of Finance is looking to take things one step further. By saying how Bitcoin could be a threat to Russian national economy, corrective labor for participating in the digital currency ecosystem is not unthinkable in the future. The concept of Bitcoin itself can cause a significant revolution in the financial world as....
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,....