Bitcoin will be Legal in Russia, Mining has to be controlled

Nishanth Shetty

Nishanth Shetty

December 8, 2017 7:35 am

Bitcoin will be Legal in Russia, Mining has to be controlled | Coindelite News
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Bitcoin News

Russia is working on the legislation to trade of Bitcoin and other cryptocurrencies as well. but most possibly the mining process could be criminalized.

Aleksey Moiseev, deputy finance minister says:

“The penalties will be different, mostly administrative, but if someone created the cryptocurrency for the purpose of settlements, then there will be a criminal punishment.”

Moiseev confirmed that there will be criminal fines for people who create pyramid schemes or cryptocurrencies for avoiding paying the tax.

The government has given an idea that the miners will be required to register with a central authority by allowing both the companies and entrepreneurs to set up the operations.

Bitcoin will be legal

in Since the country works on the legislation, Moiseev described that purchasing and selling the Bitcoin and other Cryptocurrencies will be legalized. Just how long it will require for new legislation to take effect is a matter of the time, but it can be for a few months at the least.

This is one of the great turns for the country since the president Vladimir Putin had banned Bitcoin and cryptocurrencies in October.

The Russian president has ordered the government to take control over the investment of Bitcoin and other cryptocurrencies, ICOs and also on mining by July 2018.

The country is also developing its own cryptocurrency, which is called CryptoRuble, which cannot be mined ironically. CryptoRuble will be regulated by the country and can be exchanged for regular Rubles.

There is also a rumor that which states that the government will be adopting the Blockchain technology for voting systems in the country.

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