Not a total ban of Bitcoin in Russia 2017

After heavy fighting against the users of Bitcoins in the Russian Federation two years ago, the official policy now seems to have turned 180 degrees. According to this, Russia’s government is no longer pursuing Russians using bitcoins, several media. According to this, most plans to provide Russian users of Bitcoin’s virtual crypto diet with storage or imprisonment from the table.

However, the views on bitcoins remain very different in the Russian realm: once the Russian public prosecutor threatens with imprisonment and sensitive fines for Bitcoin users, then again it is said that bitcoins are not blocked or prohibited in Russia as a currency. The reason is that the Russian Ministry of Finance and other ministries would tend to consider Bitcoin as a foreign currency after hard struggle, which is why Russia should not be prohibited at all.

The Ministry of Finance of Russia announced on a forum, however, that the final legal stipulation concerning bitcoins in Russia did not happen before 2017. Until then, Bitcoin users are in the limelight in the vast Russian Federation and do well to restrain themselves with the trade of bitcoins, ie buying or selling. A major international issue in bitcoin transactions is that trading is ultimately carried out without official reports to the local financial authorities.

According to Artem Tolkachev, director of the American audit and consulting company Deloitte in Russia and head of the Russian Bitcoin community, he said the government’s tendencies in Russia regarding bitcoins are as follows: Bitcoins have been described by the Russian authorities as ‘vicarious money’ in the past few years, which is why Bitcoins should be forbidden. In addition, there is a law in Russia which treats transactions of cryptanages as foreign transactions. This is the risk of money laundering and terrorism.

Since October 2016, however, a complete turnaround has taken place in Russia. Thus, the four-year prison sentence, which Russian Bitcoin buyers or sellers still had to expect in 2015, seems now to be obsolete.

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