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Bitcoin will become legal in Russia, mining will be regulated

Since Russia is working on legislation on trade of Bitcoin and other cryptocurrencies, there is a possibility that production can be criminalized.

07.Dec.17 10:48 AM
By Daria Zaytseva


Bitcoin will become legal in Russia, mining will be regulated

According to deputy finance minister Aleksey Moiseev, fines will be provided, but if someone created a cryptocurrency for the purpose of settlements, so he will face a criminal punishment.

Moiseev confirmed that for people who create pyramid schemes or cryptocurrencies to avoid paying taxes, there would be criminal penalties.

The ministry had hinted that the ministers would need to register with a central authority, which will allow companies and entrepreneurs to organize operations.

As the state is working on legislation, Moiseev stressed that buying and selling of Bitcoin and other cryptocurrencies would be legalized. Unknown time will be required for this new law to take effect, it may take several months.

This is quite an unexpected turn for the country, as President Vladimir Putin had almost condemned Bitcoin and cryptocurrencies in October.

The Russian president has ordered the government to develop regulations for the trade of Bitcoin and other cryptocurrencies, ICOs and mining by July 2018.

The country is also developing its own cryptocurrency, the CryptoRuble, which ironically cannot be mined. It is reported that the CryptoRuble will be controlled by the state and can be exchanged for ordinary rubles.

Also, the government has plans to test the possibility of using Blockchain technology for voting systems in the country.

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