Russia Will Never Consider Bitcoin Legalization

The Russian minister of communications and mass media stated that the nation would not consider the legalization of digital currencies like bitcoin.

Nikolai Nikiforov said:

“Bitcoin is a foreign venture for the usage of blockchain, the Russian regulation will never consider bitcoin as a legal entity within the jurisdiction of the Russian Federation.”

However, Nikolai Nikiforov mentioned that it is possible that Russia could consider the usage of blockchain, in addition to numerous digital coins. However, Nikolai Nikiforov did not offer any context wherein the technology might be applied.


Remaining month, the Russia’s Communications Ministry drafted a document to the authorities detailing technicalities associated with the adoption of digital currency technology, indicating there’s a attention within Russia for speculative foreign instruments.

Nikolai Nikiforov said:

“I suppose we should go ahead from the technological viewpoint, offering such instruments. It is possible to get anything thru regulations amid digital financial development.”


The move comes after the release of statements from Russia’s Communications Ministry in can, suggesting that Russia could implement blockchain regulations within the subsequent two years. Even as the Russian authorities takes a typically bad stance on bitcoin, the country’s officials have made some of pro-blockchain statements in latest days.

Only a week in the past, a senior official at Russia’s central bank stated initial coin offerings could drive investment possibilities for startups. Moreover, a week earlier, the top of Russia’s Federal Agency for Tourism expected that blockchain could transform the Russian’s tourism business.


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