Russian Minister States Cryptocurrencies Will Not Be Legally Recognized in Russi

[XECTA]

The Russian Minister of Communications and Mass Media, Nikolai Nikiforov, has expressed his belief that bitcoin will not be legally recognized as a means of payment in the Russian Federation. Despite the statements, Russia still appears poised to make a bid for global dominance in the cryptocurrency mining industry.
On November 20, Mr. Nikiforov told reporters “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 announcement comes one month after Russia’s Communication Ministry submitted a “draft decree regulating the legal adoption of cryptocurrency.” Despite the draft decree, it was indicated that the Bank of Russia and the Finance Ministry would ultimately determine the country’s regulatory apparatus. Earlier this week, Russia’s deputy finance minister, Alexei Moiseev, announced his expectation that Russia’s new cryptocurrency bill “should be formulated by February 1 in the framework of the president’s mandate.”

[ahmad21]

This is obvious no country would legally recognize it considering the threats it poses to the whole economic framework of one's country. It is a currency whose value increases thus the extent of economic growth in the country would slope downwards. I doubt if such a currency would be every used as a mainstream method of settlement.

[HeRetiK]

[...]

“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.”

[...]

Translation: "We missed the train with Bitcoin, but we see that there is money to be made, so we want in."

On a more serious note, it will be interesting to see how Russia will handle Bitcoin. Sooner or later they will need to provide a regulatory framework for their citizens, regardless of whether they "legally recognize" Bitcoin or not. At which point it will be merely a semantic question if and how they recognize cryptocurrencies.

[Habz]

They will lose out in the beginning, when they realise they made a mistake, they will adopt it, sooner or later, I think they are just trying to see if they can take some kind of control over this this new crypto industry, just like China, or will reinstate it again if they can profit from it.

Both utterly stupid regimes

[tuiputui]

nobody buys bitcoin because they expect someday they´ll be able to pay taxes, burocracy, and other country servies with it.

But who cares if you can buy other things..
https://i.pinimg.com/originals/93/dc/87/93dc872c0d035cfd79d27b3ed434dd9a.jpg