Assets, Bitcoin

Is Bitcoin Allowed in Russia?

Since the launch of Bitcoin in 2009, its legal status has been a subject of debate. Some countries have outright banned its use, while others have embraced it as a legal form of currency.

The legal status of Bitcoin in Russia has been a subject of debate since 2013.

In September 2017, the Russian Ministry of Finance announced its plans to regulate cryptocurrency trading in the country. The ministry proposed a ban on cryptocurrency exchanges and initial coin offerings (ICOs).

The ministry’s proposal was met with criticism from the Russian cryptocurrency community. In October 2017, a group of Russian entrepreneurs and developers launched an online petition against the ministry’s plans.

NOTE: WARNING: Although it is not illegal to own or trade Bitcoin in Russia, the use of Bitcoin is restricted by the Central Bank of Russia. Any transactions related to Bitcoin must be conducted through a special licensed platform, and any entities conducting such activities must be registered with the Central Bank. Additionally, the Central Bank has issued warnings against using Bitcoin as a means of payment. Therefore, it is strongly advised to exercise caution when considering trading or using Bitcoin in Russia.

The petition gathered over 4,000 signatures.

In November 2017, the Russian Central Bank announced its plans to ban cryptocurrency payments. The bank’s governor, Elvira Nabiullina, said that Bitcoin and other cryptocurrencies are not “legal tender” and can not be used as payment for goods and services.

The central bank’s announcement was met with criticism from the Russian cryptocurrency community. In December 2017, a group of Russian entrepreneurs and developers launched an online petition against the central bank’s plans.

In January 2018, the Russian government announced its plans to legalize cryptocurrency trading on regulated exchanges. The government also said that it would develop a regulatory framework for ICOs.

The government’s announcement was met with positive reaction from the Russian cryptocurrency community. In February 2018, a group of Russian entrepreneurs and developers launched an online petition in support of the government’s plans.

2 Related Question Answers Found

Is Bitcoin Legal in Russia?

As of 2019, Bitcoin is legal in Russia. The country’s legislature has been working on digital asset regulation since 2015, but the process has been slow. In 2018, the Russian Association of Blockchain and Cryptocurrency (RACIB) released a set of self-regulatory rules for the industry.

Is Russia Behind Bitcoin?

Since its inception, Bitcoin has been shrouded in mystery. Created by a person or group of people known only as Satoshi Nakamoto, the cryptocurrency was designed to be a decentralized peer-to-peer electronic cash system. However, due to its anonymous nature, Bitcoin has been used for illicit activities, such as money laundering and drug trafficking.
Previous ArticleNext Article