The Russian government is currently working on legislation on trade in bitcoin and other cryptocurrencies. The Ministry of Finance proposed to consider mining of crypto-currencies as an illegal activity. However, their purchase will not be prosecuted.
Deputy Finance Minister Alexei Moiseev said:
“The fines will be different, mainly administrative, but if someone created a cryptocurrency for payments, it will be a criminal punishment.”
Moiseev confirmed that for those who create financial pyramids or arrange cryptocurrency with the purpose of evasion from payment of taxes be imposed criminal sanctions.
The Ministry stated that miners will need to register in the Central authority that will allow companies and entrepreneurs to establish their activities.
Deputy Finance Minister Alexei Moiseev
Bitcoin will become legal in Russia
Moses stressed that the government is working on legislation, so buying and selling bitcoins and other cryptocurrencies will become legal. As soon as the new law will enter into force is still unknown. It may take several months.
For Russian users of cryptocurrencies is good news because back in October Vladimir Putin he spoke negatively about bitcoin and altonah.
However, now the President of Russia has instructed the government to develop the legal regulations for trading cryptocurrencies, ICO and carrying out of mining by July 2018.
In addition, work has begun on developing a national cryptocurrency CryptoRuble, not mine. It is reported that CryptoRuble will be monitored by the government and can be exchanged for ordinary rubles. It is still planned to check the possibility of using blockchain technology for voting systems in the country.