The Vanbex Group has published a report on its website entitled “Outlawing Bitcoin , a Matter of Control”, which focuses on the actions of the Russian government and other nations towards BitcoinCT r: 8 . This time, it comes attached with punitive damages that could range from million ruble fines to up to seven years in jail and the ceasing of business operations. It is a bill before the legislative
Contained in this report, the road with Bitcoin and Russia has been a rocky one for years, stretching back to January 2014 when the Bank of Russia first declared digital currencies as risky, speculative and not legally bound monies. In the same year, discussion of bans and imposement of fines were raised but nothing ever materialized into law .
Russia then took an ambiguous stance against the cryptocurrency last fall, as was reported by Coindesk . It was then unveiled Russia’s central bank did not support the outright banning of Bitcoin, a position that was duly backed by President Vladimir Putin.
Nevertheless, 2016 delivers another push by the Russian finance ministry toward halting Bitcoin-based monetary activity altogether, especially exchange related operations within the country’s borders.
Alexey Moiseev, Russia’s deputy minister of finance, as quoted in RIA Novosti , says: “I hope we will manage to do this in a reasonably short period of time. I believe, we will be able to bring it in before the end of the spring session, but I don’t know if it will be passed in a first reading.” Currently, Bitcoin is not banned in the country, but it is not legal currency either. The finance ministry estimates that the law will be proposed in the Duma , Russia’s lower house, by August. – Alexey Moiseev, Russia’s deputy minister of finance. Other countries are also taking steps […]
