Everyone is raving about Bitcoin. Some think it’s not going to last. Some think it’s the new gold age. Previously, Russia has decided that cryptocurrency is illegal. Could this be subject to change? In the near future, we expect cryptocurrency to be legal in Russia.
The US, Canada, and most Scandinavian countries have gone ahead and legalized the use of bitcoin and other cryptocurrencies. In the meantime, a couple of countries including Russia have made cryptocurrency illegal. The majority of the world remains indecisive. According to “Russia online gambling news”, change is imminent as the possibility for cryptocurrency to be legal in Russia becomes more real.
Legalization is Only a Matter of Time
Late 2017, Russian President Vladimir Putin ordered the legal framework for Initial Coin Offerings regulation, mining taxation and cryptocurrency in general. And Putin gets what he wants. On 28th of December 2017, a crytocurrency bill developed by the Russian Ministry of Finance and Central Bank was presented to the public council.
Russian Deputy Finance Minister Alexei Moiseev said to the public that the bill would allow cryptocurrency exchanges on approved platforms. Acceptance is the first step to legalization. Because of this, online gambling sites in Russia predict the odds for cryptocurrency to be legal in Russia before the end of 2018 at 31/20.
Voices of Concern
According to online betting sites in Russia, the odds for no legalization of cryptocurrency in Russia are 9/20. Although a bill is underway, a few influential figures are against the legalization of cryptocurrency in Russia. Head of Russian Central Bank Elvira Nabiullina voiced her concern that it would be too easy to lose control of cryptocurrency.
The voice that represents Russia, belonging to Nikolai Nikiforov Minister of Communications and Mass Media, similarly 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.”