Central Bank of Russia: Users of Bitcoin Unintentionally Violating Law
Russia and bitcoin aren't quite getting along at the moment, with the central bank of the country (CBR) issuing a warning on the use of the virtual currency. The statement, found here, warns of the usual perils one may encounter when getting involved (volatility, for example), and perhaps more alarming, that the use of bitcoin and other "money surrogates" are considered to be unlawful. According to the CBR, citizens "may become involved, including unintentionally, in illegal activity such as the [unintentional laundering] of criminal gains and financing terrorism." While punishment for the....
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With previous news items suggesting that authorities in Russia have been cracking down on the use of bitcoin and other digital currencies, we're now learning that there may be a change of heart going on. According to a report published by the Wall Street Journal, The Bank of Russia - the country's central bank - is reportedly gathering up information on a slew of digital currencies, and says they aren't blocking anyone from using bitcoin. That information specifically came from the bank's first deputy chairman, Georgy Luntovsky. "At this stage we need to watch how the situation develops....
Earlier on, the Russian government and central bank was known to have imposed a ban on bitcoin and cryptocurrency information in the country. They even restricted access to websites that contain digital currencies, although this ban was lifted later on. Just recently, the Russian central bank governor said that they would welcome bitcoin and other cryptocurrencies. Russian newspaper Izvestia reported that a source close to the Bank of Russia said that the central bank may allow, and regulate, some Bitcoin activities, specifically transfers, payments, and settlements between users. However,....
Users of Russia’s central bank digital currency are going to pay a fee for each transaction, a high-ranking representative of Bank of Russia has recently announced. The digital ruble charge, however, is not going to exceed those currently applied to fast payments in the country.
Bank of Russia to Charge for Digital Ruble Transfers
The Central Bank of Russia (CBR) is planning to impose fees on transactions with the digital ruble, revealed Kirill Pronin, director of the regulator’s Financial Technologies Department. The official emphasized that these commissions....
As China is actively testing its digital yuan, Russia is now planning to build and test a central bank digital currency, the digital ruble. Meanwhile, the Bank of Russia has proposed limiting the amount of bitcoin retail investors can buy. Russia’s Central Bank Plans Digital Ruble The central bank of Russia has outlined its plans to conduct an experiment using the digital ruble with a limited number of participants after public consultations, Izvestia publication reported last week. The Bank of Russia announced the development of the digital ruble and public consultations on its....
The Central Bank of Russia would agree to the legalization of cryptocurrency mining, provided the proceeds from the activity are converted to fiat outside of Russia. The regulator’s latest position on the matter comes after it softened its stance on the possible use of cryptocurrencies for payments, even if only internationally.
Central Bank of Russia to Accept Legalization of Cryptocurrency Mining
The monetary authority in Moscow is now ready to back the legalization of crypto mining under the condition that Russian miners are obliged to sell the coins they obtain in....