Russian Political Party to Accept Bitcoin Donations

Russian Government’s policies and stances on Bitcoin are so far unclear. However, there was an announcement from a political party leader who said it will start to accept donations in bitcoins.

Boris Titov, Leader of the democrat “Party of growth” has recently announced that his party will start accepting bitcoin donations:

We have to find new sources of funding, and this should not be funding several large companies but thousands, maybe millions of people. We want to actively develop crowdfunding, so open by to bitcoins reported that this decision is aiming to enforce the acceptance of Bitcoin and others in the Russian society with the clear goal to get to a legal spousal for the cryptocurrencies in the country. According to the state-owned news service, the Growth Party is intending to promote laws encouraging the Country to adopt and develop cryptocurrencies.

Since the  cryptocurrency have not been accepted by the government as a “legal” currency method, Titov said that all transactions conducted in bitcoins will be verified to comply with the legislation of the Russian Federation on political parties.

Reportedly, Titov said in a press conference:

Russia can take advantage of the difficult economic situation that has developed today for us to become a very profitable country open to [blockchain].

It is worth noting that Titov and his  party publicly supports the use Blockchain technology in Governmental institutions. The party states that having a public and immutable record of all the operations and transactions is the most transparent way to operate.

 This approach is very revolutionary considering the fact that the Russian government has been attacking the cryptocurrency for years, classifying it as an illegal substitute of Fiat money. However, Central Bank of Russian has been researching and experimenting with blockchain and its Financial Applications.

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