Categories: CryptoNewsTechnology

It Looks Like Russia Isn’t Giving in to Bitcoin After All

We all know Russia’s history with bitcoin hasn’t been exactly fluid. A couple of months ago, it seemed like maybe Russia was next in line to jump on the crypto-currency band wagon. That’s not the case anymore.

Earlier last week, the Russian Finance Ministry announced that there is no need to rush the bitcoin draft law. Also stated were their plans to once again bring the draft back for a closer look.

Alexei Moiseev, Russian Finance Minister announced the ministry isn’t looking to ban bitcoin directly from the country. Moiseev said that the review processes this time will involve experts in bitcoin, as well as other types of crypto-currencies.

Concerns about strict regulations for the crypto-currency have prompted the halt. The ministry is still convinced that role of bitcoin is strictly for criminal activity and nothing more. They are worried that introducing bitcoin would only hinder the growth and advancement for Russia in the crypto-currency area.

Related Post

“We need to prevent criminals from using Bitcoin for illegal transactions and money laundering. Data from official European sources indicate the use of bitcoin is over 80% of all suspicious transactions. At the same time, we have to ensure the role of the central bank as the sole issuer of currency in the country. We would like to take a more proactive approach in reviewing the draft involving experts in the field,” Moiseev said.

Russia’s bitcoin draft makes it illegal in the country. Anyone thought to be involved in any type of actions involving the crypto-currency will be prosecuted to the full extent of Russian law. If convicted, parties will face up to seven years in prison, as well as giant fines. The Russian Ministry of Justice has already expressed a need for more study. Under the current draft, harsh penalties and stiff fines are enacted on those caught using bitcoin.

For the foreseeable future, bitcoin legislation in Russia has been knocked out of the running. Russia’s leading financial institutions are still studying the practical uses for blockchain technology, however. The new bill is suspected of being a little bit nicer towards bitcoin.

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

reminesjoseph

I am 30 years old. I live in Rural Ohio with my Fiance, and our dog, Bruce.

Share
Published by
reminesjoseph

Recent Posts

Best Altcoins to Invest in Today: Qubetics Sets the Stage for Blockchain’s Future as Bitcoin Hits $108K and Litecoin Soars

The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…

8 hours ago

Dogecoin Millionaire Predicts This Undervalued Altcoin Could Match DOGE’s 2021 Gains

Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…

8 hours ago

Qubetics Presale Skyrockets to $7.5M as XRP and Arbitrum Lead Best Altcoins for Exponential Returns

The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…

9 hours ago

Over 300K Users Actively Mine Crypto On BlockDAG’s X1 Miner App While BNB Bulls Eye $3K; What’s XRP’s Price Target?

The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…

10 hours ago

Best Crypto Presale To Buy Now: Rollblock Delivers For Holders With New License, Record Sign Ups and 7000+ Games

Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…

13 hours ago

Polkadot And Uniswap Gearing For Post-Christmas Jump As Rollblock Raises $7.4 Million in Presale

While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…

14 hours ago