Russia Takes a More Lenient Stand on Bitcoin Use

It seems that the strong reservation the Russian Federation’s Central Bank expressed about the use of crypto-currencies back in January 2014 is under revision. In an interview for TASS news agency, Russian Deputy Finance Minister Alexei Moiseyev stated that currently Bitcoin does not pose an immediate threat to national economic security.

The Russian authorities’ softer position on crypto-currencies comes at a time when legislative amendments are under way to criminalize the issue and turnover of virtual currencies. Fears had been mounting, as such activities would have been treated as grave offences penalized by up to seven years in prison. Under the new circumstances, the popularity of crypto-currency in Russia is on the rise. According to The Bank of Russia, last February the country ranked 5th in terms of international Bitcoin use.

In the light of the recent warm public statements, it seems Russia no longer views crypto-currencies as a means which can be used for terrorism and money laundering. Despite the fact that no measures to counter Bitcoin use will be taken, the Ministry of Finance has promised to treat the matter with caution for the future.

Recent Posts

Professional investors skeptical about Bitcoin, a recent Bank of America survey says

Bank of America recently asked 200 professional investors with $533 billion in assets under management for their opinions on Bitcoin.…

1 day ago

AXA Switzerland now offers Bitcoin as a payment method

Insurance provider AXA Switzerland announced that its Switzerland customers will now be able to pay their bills in Bitcoin (BTC).…

1 day ago

DOGE “to the moon” as Robinhood faces more scrutiny

After yet another phenomenal rally surging 114% in the last 24 hours, Dogecoin (DOGE) hit an all-time high of $0.29.…

1 day ago

“Bitcoin’s peak volatility is right on track to drop below fiat volatility”

There will come a time that Bitcoin will be less volatile than fiat money as money is being redefined. And…

2 days ago

GoldMan Sachs watching Bitcoin’s every move

Goldman Sachs is keeping a close eye on Bitcoin. In an earnings call on Tuesday, the bank’s Chief Executive Officer,…

2 days ago

Coinbase’s COIN is Live on Nasdaq, while Bitcoin and Ethereum jumped to new all-time highs

After months of intense build-up towards their big day, Coinbase finally listed on the Nasdaq with ticker COIN. And the…

3 days ago