Russia Eyes Legal Recognition for Bitcoin in 2018
Russia’s government is reportedly planning to recognize bitcoin as a type of financial instrument next year.
The Russian government is reportedly looking to recognize bitcoin as a kind of financial instrument in 2018.
According to Bloomberg, senior Russian officials including Deputy Minister of Finance Alexey Moiseev and representatives from the Bank of Russia (the country’s central bank) are developing a position on bitcoin and digital currencies as part of a bid to cut money laundering risks.
Moiseev reportedly indicated that the government wants access to information about transaction parties, and that services in Russia handling digital currency payments would be required to collect and submit that data.
He told the news source:
While Russia’s final position remains to be seen, past developments have suggested a move toward a softer stance on the technology.
Back in 2015, the government initially proposed steep fines on the use or creation of digital currencies. Those proposed penalties were later beefed up in an amended draft later the same year.
However, last August, officials reportedly backed away from a more punitive approach soon after Moiseev himself indicated that Russia could recognize bitcoin as a kind of foreign currency.
Russian Duma image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.