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Author Topic: [2014-12-29] Russian Ministry Criticises Draft Bill Banning Bitcoin  (Read 414 times)
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December 29, 2014, 03:45:23 PM

Russia's Ministry of Economic Development has criticised a proposed ban on "cash equivalents", according to a report.

The ministry said that legislation aimed at banning cash equivalents, including digital currencies like bitcoin, could have negative effects on retailers, telecom operators and banks.

Specifically, some provisions of the bill could create excessive restrictions and obligations, creating unreasonable costs for businesses, it said. The ministry therefore asked that the bill be reworked and resubmitted for further consideration.

The bill in question was drafted earlier this year by the Russian Ministry of Finance, and would prevent the issuance of digital currencies and all operations involving digital currencies – effectively placing a ban on the fledgling technology.

In September, the finance ministry suggested that Russia could pass the proposed bill in the spring of 2015.

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