Russia: Bitcoin Will “Never” Be Legal

In a group of reports on Monday, the Russian Minister of Communications and Mass Media Nikolai Nikiforov, made a statement that it is highly unlikely that Russia will ever legalize Bitcoin. Nikiforov prompted that Bitcoin would remain completely outside of legality but the technology it's founded upon, the blockchain, is “entirely possible.” He said, "Bitcoin is a foreign project for using blockchain technology, the Russian law will never consider Bitcoin as a legal entity in the jurisdiction of the Russian Federation. However, I think that it is quite possible to use blockchain technology and the use of various digital tokens." The minister’s comments add even more to the confusion of Russian lawmakers stance on cryptocurrency. Many of their senior figures in the past have given off many different conflicting notions as to how Russia will act on this new cryptocurrency sensation. Early in October of this year, it was reported that the Russian ministry had submitted a document to the government enclosed with details of cryptocurrency adoption. At that time, Nikiforov said, "We have submitted a draft decree regulating the legal adoption of cryptocurrency. That is why I think we should go ahead from the technological viewpoint, providing such instruments. It is hardly possible to get anything via restrictions amid digital economic development.” Ultimately, the minister states the final decision is in the hands of the Finance Ministry and the Bank of Russia. However, some feel an outright ban of cryptocurrency across Russia is most likely inevitable. Featured Image: twitter

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