| On 4 years ago

Russia Adopts Softer Approach Towards Bitcoin; Plans Legalization by 2018


There has been a dramatic change in the attitude of Russian regulators to Bitcoin. Until recently, cryptocurrency transactions in the country were treated with hostility and the authorities threatened users with imprisonment. Now Russia is looking towards turning Bitcoin into a legitimate financial instrument.

The Russian Finance Ministry has adopted a strategy of legalizing digital currency as a way to fight money laundering. It is envisioned that Bitcoin may be officially accepted in the country within 2018, and new legislation on the matter is under way.

As a matter of fact, Bitcoin provides a very high degree of transparency when it comes to transactions which can be followed publicly in real time. By displaying the addresses of both sender and recipient, cryptocurrency transfers rely on zero anonymity.

However, it is quite difficult to regulate cryptocurrency in an effective way. If Bitcoin is made legal, that would impose additional verification requirements on cryptocurrency companies.

Russian legislators are gathering around mid-2017 to decide whether digital currency represents an asset for the country.