Russian Finance Minister Doesn’t Think Bitcoin is That Bad
Can’t anyone in Russia make up their minds about bitcoin? Yesterday we reported that Russian authorities restricted access to trading site LocalBitcoins. For years, regulators have sworn to make bitcoin usage criminal, ensuring that any user would be hit with fines or a jail sentence depending on the “level of offense.” Now, it appears some aren’t that convinced bitcoin is a bad thing. Russian Deputy Finance Minister Alexei Moiseev said on Tuesday that he doesn’t feel bitcoin or digital currencies present any danger towards the country’s financial system. His statement to reporters reads:....
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Speaking at the All-Russian Banking Conference, Deputy Minister of Finance Alexey Moiseev stated that the bill proposing penalties for using “monetary surrogates” will finally become law this year. According to RIA Novosti, Russia’s Ministry of Finance is expected to take measures sometime this year against the usage of monetary surrogates (such as Bitcoin), as stated by the Deputy Minister of Finance Alexey Moiseev at the All-Russian Banking Conference. “The law, which provides measures for penalizing the usage of monetary surrogates, will finally be passed this year.” The Deputy Minister....
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The Russian Finance Ministry has long taken a determined hardline stance against bitcoin and other digital currencies, deemed by the regulator as ‘surrogates’ of the ruble. The Deputy Minister of Finance in Russia hopes that the draft law calling for the criminalization of bitcoin will be passed to the State Duma – the lower chamber of the Russian Parliament – before the end of the current session in August. A recent report by Russian publication RIA Novosti, has revealed that the Russian Deputy Finance Minister, Alexei Moiseev, hopes that a law is crafted to introduce criminal liabilities....
The Deputy Finance Minister of the Russian Federation has now stated that the spread of bitcoin in Russia does not represent a threat the country’s financial ecosystem, at its current rate of adoption. As such, the plan to ban the cryptocurrency is now paused. Alexei Moiseev, the Deputy Finance Minister who has primarily spearheaded the Russian Finance Ministry’s intent to ban bitcoin beginning two years ago in 2014, has now stated that the cryptocurrency isn’t a threat to Russia’s financial system. At the time, Moiseev deemed bitcoin and cryptocurrencies as “surrogate currencies” – a....