Russia Will 'Never' Consider Bitcoin Legalization, Says Minister

The Russian minister of communications and mass media said yesterday that the country will not consider the legalization of digital currencies.

Nov 21, 2017 at 2:01 p.m. UTC
Updated Sep 13, 2021 at 7:11 a.m. UTC

The Russian minister of communications and mass media said yesterday that the country will not consider the legalization of digital currencies like bitcoin.

According to state-owned news service TASS, Nikolai Nikiforov stated: "Bitcoin is a foreign project for using blockchain technology, the Russian law will never consider bitcoin as a legal entity in the jurisdiction of the Russian Federation."

However, Nikiforov added that it is "quite possible" that Russia could consider using blockchain technology, as well as various digital tokens. However he did not provide any context in which the technology might be utilized.

Last month, the country's Communications Ministry drafted a document to the government detailing technicalities related to the adoption of cryptocurrency technology, indicating there is a interest within Russia for speculative foreign instruments.

Nikiforov noted at the time:

"I think we should go ahead from the technological viewpoint, providing such instruments. It is hardly possible to get anything via restrictions amid digital economic development."

The comments come after the release of statements from Russia's Communications Ministry in May, suggesting that Russia could implement blockchain regulations within the next two years.

While the Russian government takes a generally negative stance on bitcoin, the country's officials have made a number of pro-blockchain statements in recent days.

Just a week ago, a senior official at Russia's central bank said initial coin offerings (ICOs) could drive funding opportunities for startups. And, a week prior, the head of Russia’s Federal Agency for Tourism predicted that blockchain could transform the country's tourism industry.

Nikolai Nikiforov image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.

Trending

1
Market Wrap: Cryptos and Stocks Mixed Amid Bearish Sentiment

BTC is stabilizing around $30K while stock market volatility begins to fade.

BTC is stabilizing around $30K while stock market volatility begins to fade.

2
New Data Shows Underground Bitcoin Mining Thriving in China

The U.S. has also expanded its lead in the global hashrate competition.

The U.S. has also expanded its lead in the global hashrate competition.

3
Bitcoin sube a $30K, con una resistencia en $35K

BTC está en camino de registrar una señal de impulso positivo en el gráfico diario.

BTC está en camino de registrar una señal de impulso positivo en el gráfico diario.

4
Ledger Adding Browser Extension to Connect Hardware Wallets to Web 3 Apps

Ledger Connect is launching in beta and will initially be compatible with the Ledger Nano X and Mobile Safari.

Ledger Connect is launching in beta and will initially be compatible with the Ledger Nano X and Mobile Safari.