[2017-11-21] Here's What Russia Is Seeking To Regulate By February 1, 2018.

[iamTom123]

Few countries and governments have made their efforts to get a policy framework in place that dictates how Bitcoin and other Cryptocurrencies fit into the nation's monetary picture than has Russia. Vladimir Putin, supported by his various policy making aides, have put forward many (often conflicting) different approaches over the past few months and – as yet – we haven't really had any solid degree of clarification as to which will prove the most realistic and the most implementable going forward.

With that said, however, just this week, we have garnered a little bit of insight into when things will be put in place, if not what exactly these things will be. Specifically, on Tuesday, Russia’s Deputy Finance Minister announced that he expects a cryptocurrency bill to be ready to be made public and mandated into policy by early 2018 and – if things go to plan – February 1.

Alongside his announcing of the expected date for the policy to be put in place, the Deputy Finance Minister also went into a bit of detail as to what the cryptocurrency bill will contain, highlighting taxation and registration of Bitcoin and other Cryptocurrency miners, trading restrictions and regulations surrounding initial coin offerings (ICOs).

The question now is, will the bill allow for continued use of Cryptocurrency and, in turn, foster mainstream adoption, or will it throttle bitcoin's march into the future? Only time will tell. Read more here...

[Marucya]

I am sure that such a bill in Russia will sharply limit the free circulation of the crypto currency in this country. Most likely, draconian rules will be introduced, which in fact will mean prohibiting crypto currency, since such conditions will be prescribed that will put the crypto currency on the brink of survival. What will come of this and whether it will be possible to implement such a policy with respect to the crypto currency, we will see.

[greeklogos]

I am sure that such a bill in Russia will sharply limit the free circulation of the crypto currency in this country. Most likely, draconian rules will be introduced, which in fact will mean prohibiting crypto currency, since such conditions will be prescribed that will put the crypto currency on the brink of survival. What will come of this and whether it will be possible to implement such a policy with respect to the crypto currency, we will see.

Don't forget that president's election is coming on March 2018 in Russia. I really don't know what course will follow new president about crypto regulation. But I expect Putin will make something in the end of his president career, what is going to be - smooth control or draconian control we may only guess.

[Fizpok]

I think Putin will follow the same course after elections.

[Guardian.P]

Let first determine what they want. That prohibition is that regulation, and legalization. Unih there mood, as the weather every day is different. This is already funny.

[partysumo]

The Russian government may choose not to do anything until the upcoming elections, you don't want to alienate anyone right before the elections. Besides, I'm not entirely convinced that they have finally decided what to do, the decision changes pretty much every day. So I'd like to wait a little more before reactlng here.

[Coffee135]

I am sure that such a bill in Russia will sharply limit the free circulation of the crypto currency in this country. Most likely, draconian rules will be introduced, which in fact will mean prohibiting crypto currency, since such conditions will be prescribed that will put the crypto currency on the brink of survival. What will come of this and whether it will be possible to implement such a policy with respect to the crypto currency, we will see.

Don't forget that president's election is coming on March 2018 in Russia. I really don't know what course will follow new president about crypto regulation. But I expect Putin will make something in the end of his president career, what is going to be - smooth control or draconian control we may only guess.

I have no doubt that Putin will establish draconian rules. It's amazing that someone believes that Russia will be the new President. There was President Medvedev. But Putin did not miss from the hands of the management of the country. Putin will rule Russia until his death. Too many questions for him that he lived quietly without power.

[Prem.Soorajpaul]

Russian economy is not in a very good state because of lower oil price. Russian govt. was looking all the option to generate more revenue for social welfare. They may take this decision to increase their tax collection but there is possibility to defer this decision for now as oil market is going up.

[Oo ako to]

I am sure that such a bill in Russia will sharply limit the free circulation of the crypto currency in this country. Most likely, draconian rules will be introduced, which in fact will mean prohibiting crypto currency, since such conditions will be prescribed that will put the crypto currency on the brink of survival. What will come of this and whether it will be possible to implement such a policy with respect to the crypto currency, we will see.

Don't forget that president's election is coming on March 2018 in Russia. I really don't know what course will follow new president about crypto regulation. But I expect Putin will make something in the end of his president career, what is going to be - smooth control or draconian control we may only guess.

If he won't be in favor in bitcoin then he will surely won't have another term for the highest position. His decison on this matter will have a major effect on the upcoming election because I know there are a lot of Russians that are involved with crypto nowadays. This bill should not be strict or else.

[Kaye776]

Hopefully a lot of people can benefit from it.

[Rahar02]

Cryptocurrency in Russia mainly supported by Vladimir Putin and their Finance Ministry seems following him to adopt cryptocurrency, especially mining industry in Russia. This article mentioned some points that they planned to regulate;
cryptocurrency bill will contain, highlighting taxation and registration of Bitcoin and other Cryptocurrency miners, trading restrictions and regulations surrounding initial coin offerings (ICOs).
licensing for the mining of cryptocurrency but the mining will be taxed.

They will allow mining activity but restrict trading, how could it be done? By prohibit trading on exchanges in Russia? But people still can trade cryptocurrency on other global exchanges. Unless every exchanges require id verification in order to deposit or withdraw crypto.