Bitcoin Regulation in Russia Takes a U-Turn, Subject to Review
Russia will not have Bitcoin regulation anytime soon as the country's finance ministry considers reviewing the current draft law. Russia’s stance towards Bitcoin and other cryptocurrencies has taken a U-turn. Last week, the country’s finance ministry stated that it is not in a hurry to introduce the Bitcoin draft law. The ministry is planning to review the draft once again. Alexei Moiseev, the Deputy Finance Minister of Russia has announced that the ministry will not be pushing for a direct blanket ban on Bitcoin in the country. According to Moiseev, the review process will involve the....
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In spite of Russia's recent tough tone on Bitcoin, the central bank has now announced that the digital currency should not be left on the outside. Bitcoin regulation in the picture? Historically, government agencies and members of the Bank of Russia have been positive to the embracing of the cryptocurrency technology, but they have adopted a wait-and-see approach to its regulation. Alexey Moshkov, Chief of the Special Technical Activities Bureau in the Ministry of Internal Affairs takes the extra mile by suggesting the implementation of legislative policy and Bitcoin regulation of the....
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As a result of this official document, there is no legal prohibition related to Bitcoin or other cryptocurrencies in Russia. The Bitcoin situation in Russia has taken yet another dramatic turn. But contrary to what most people may expect, this is some positive news for a change. A new document has been released by the government which goes to show Bitcoin is, in fact, legal in the country. Although this change had been rumored for quite some time, the document makes it all official. This particular document is living proof cryptocurrencies are considered legal in Russia. Or to be more....
Months after the Bank of Russia first broke its silence on bitcoin and digital currencies with stern warnings regarding their potential treatment under the law, regulators have released new statements that suggest the country is further softening its tone on the subject. The Wall Street Journal has reported that the country's central bank is now in the process of gathering information about bitcoin and digital currencies. Bank of Russia deputy chairman Georgy Luntovsky has said that while there has been evidence that bitcoin is being used to pay for drugs and weapons in Russia, it will not....
After almost two years of being in a state of confusion on how to deal with the advent of digital currencies, it appears Russia is ready to lay down the law on Bitcoin – and it may be sooner rather than later. According to Russian news blog Forklog the country shares a two-party system with the West when it comes to the legislation of such matters. The more liberal-minded are called techlibs, who are mostly economists who favor allowing Bitcoin into the Russian market. Conservative figures in law enforcement are known as secruocrats, who are not fans of Bitcoin and other digital....