[2017-12-11] Bitcoin Will be Legal, Mining to See Regulation: Russia’s Deputy Fi

[ivanpoldark]

Russia’s deputy finance minister Alexei Moiseev has reportedly stressed that buying bitcoin and other cryptocurrencies will be legal in the country.

The Russian government will not outlaw nor punish buying or selling cryptocurrencies, Moiseev revealed according to RT. However, the official underlined a stricter stance toward mining, suggesting a mandatory registration of cryptocurrency miners who would be limited to ‘legal entities and individual entrepreneurs.’ For others, cryptocurrency mining could be criminalized.

The official reportedly stated:

The penalties will be different, mostly administrative, but if someone created the cryptocurrency for the purpose of settlements, then there will be a criminal punishment.

Operators who mine cryptocurrencies for the creation of a financial pyramid or for the purposes of avoiding tax will also see criminal penalties, Moiseev added.

Notably, Moiseev has stressed that the buying and selling of bitcoin and other cryptocurrencies would be legal in Russia. While there are no rules or laws toward bitcoin trading or mining in Russia presently, a mandate from Russian president Vladimir Putin has pushed for the development of a regulatory framework for initial coin offerings (ICOs) and cryptocurrency mining in Russia. In a mid-October meeting between Putin and major Russian financial regulators, the Russian leader reportedly signed off on officially regulating both the mining and supply of cryptocurrencies like bitcoin.

“[W]e agreed that the state should control the process of cryptocurrency emission and its circulation. The state should take control over it,” Russian finance minister Anton Siluanov said at the time. “I won’t speak about specific parameters now but in general we agreed that the state should take a lead in this process and to regulate it on the legislative level.”

Regulators are also drawing plans to impose limits on cryptocurrency purchases. An early draft bill calls for a maximum limit of 100,00 rubles (approx. $1,750) per individual. A ceiling of 600,000 rubles ($10,370) is also under consideration.

Further, Siluanov confirmed that the bill to regulate cryptocurrencies in Russia “will be ready” before the end of 2018.

https://www.cryptocoinsnews.com/bitcoin-will-legal-mining-see-regulation-russias-finance-minister/

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[Raul Lopez]

Are these news true? If that's going to happen it will be awesome for all the BTC Community :O

[iamTom123]

Are these news true? If that's going to happen it will be awesome for all the BTC Community :O

I understand that there are people really doubting the intentions of Russia when it comes to Bitcoin in particular and in cryptocurrency in general. Now, we are also to add cryptocurrency mining and maybe ICOs as there are now more and more Russians getting involved into these related industries or niches under the cryptocurrency movement. While many are getting impatient as to the official and real stand of the government on this issue as conflicting statements and opinions still exist especially those coming from many government officials on the same topic, we have to also understand that this whole thing is still new and there are those who are caught unaware on what to do and even on what to say right.

Given all of these developments, I am predicting that Russia and its officials would eventually legalize Bitcoin under a regulatory sandbox which all players are expected to strictly follow. Bitcoin can be of big help to the Russian economy since if they will legalize it there would be more expected participants with the industry creating more ways to make money for them. I understand that right now there are many Russians involved with ICO projects and Russians are quite talented with technology. By next year, we will be welcoming Russia to the world of Bitcoin, that am so sure.