Russia's 'Bitcoin Ban' Faces Uncertain Future After Draft Bill Withdrawn
A bill prepared by Russia's Ministry of Finance targeting the creation and circulation of so-called money surrogates, a classification that would include digital currencies like bitcoin, has been at least temporarily withdrawn from consideration following comments from the country’s Justice Ministry. As reported by regional news source RNS last week, the bill – popularly known as the "Russian bitcoin ban" – received some negative feedback after the Justice Ministry is said to have objected to the bill on the grounds that its comments were not incorporated. The national....
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A draft of a new Administrative Violations Code was submitted to the State Duma, the Russian Parliament, in December 2015. The bill is an extensive document covering a wide range of issues including tough regulation of 'money surrogates'. But what might it mean for bitcoin and other digital currencies? Vladimir Pligin, head of the State Duma’s Constitutional Law and State Building Committee, has indicated the new bill will be considered by the Duma this February. Still, it is uncertain how this comprehensive document will be considered by the Duma in such a short period of time. The....
The Ministry of Justice in Russia has, once again, not agreed to a draft bill put forth by the Finance Ministry seeking to ban bitcoin and introduce criminal liabilities to those who adopt, transact or mine the cryptocurrency. The Russian Ministry of Justice has disagreed with the bitcoin bill prepared by the Ministry of Justice, despite the bill being the second version of the draft, due to be entered into the State Duma – the lower chamber of the Russian Parliament. The first draft saw the Ministry of Justice disagreeing with some of the wording of the bill, specifically the lack of a....
The long-uncertain legal environment for bitcoin in Russia took a step forward toward clarity this December as lawmakers submitted a new draft bill to the Duma – Russia's legislative assembly – that would effectively ban the use of digital currencies like bitcoin domestically. The development may not be surprising to industry observers, as talks of a bitcoin ban in Russia have been rife in the news for over a year amid broader concerns of capital flight. However, the latest bill is perhaps the most concrete step taken by government officials to date to crack down on the emerging....
Russia’s Ministry of Finance has drafted a bill with harsh penalties for anyone who does not report their cryptocurrency holdings above a certain level. Penalties include jail terms and fines. New Russian Crypto Bill The Russian Ministry of Finance has sent out a new draft bill addressing the circulation of cryptocurrency in Russia to interested government departments, local news outlet Kommersant reported this week. The bill contains amendments to the Russian Criminal Code, the Criminal Procedure Code, the Administrative Code, the Tax Code, and the law on combating money laundering,....
Russia has approved a draft bill that exempts cryptocurrency issuers from Value Added Tax (VAT). This move is to further strengthen its pro-crypto stance through its legislation. The lower house of Russian legislature, The State Duma has passed this bill. Reportedly, some other services related to the crypto exchanges shall also fall under exemption. The […]