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Russia Considering Changing Policy On Bitcoin

The Russian government’s policy towards digital currencies like Bitcoin has been unclear to say the least. In 2014 we reported on the Russian Prosecutor General’s office banning virtual currencies claiming it could be used to launder money and finance international terrorism.

There are reports surfacing now that the government is considering declaring digital currencies like Bitcoin the same as foreign currency. This would result in Bitcoin still being banned but users wishing to buy the currency on exchange platforms and spend it in other countries will be able to do so.

However Russian Deputy Finance Minister Alexey Moiseev made it clear that the ban would still remain in place and anyone using any cryptocurrency in Russia would be breaking the law. The revised bill is only going to permit the use of cryptocurrencies outside of Russia, Moiseev went on to say,” According to the Constitution… the only ruble issuer [in the country] is the Bank of Russia. Thus, issuing any other currency is illegal.”

The proposal which will open the door for a limited use of Bitcoin will be submitted to the Duma by the end of 2016 where it will be up for approval.

Author: Victor

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