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Bitcoin in Russia: transactions will be monitored

bitcoin in russia

Bitcoin in Russia: transactions will be monitored

Bitcoin in Russia will be officially “recognized” by 2018, but each transaction will be subjected to monitoring.

In a recent statement by the Russian central bank, Deputy Finance Minister Alexey Moiseev explains – in an interview quoted by Bloomberg – that a legal position about Bitcoin in Russia will be taken in the next future.

Recently, bitcoin and altcoins had been put aside regarding regulation, with users and companies operating in Russia threatened with takedowns and jail.

In October, Russian communications watchdog Roskomnadzor blocked access to a peer-to-peer marketplace called LocalBitcoins, but developers responded by setting up a new mirror site, LocalBitcoins.net.

“The state needs to know who at every moment of time stands on both sides of the financial chain. If there’s a transaction, the people who facilitate it should understand from whom they bought and to whom they were selling, just like with bank operations,” said Moiseev about the Russian government position.

While digital currencies are still yet to receive an official status, Bloomberg reports that they will be treated as assets, cash or security by mid-2017.

Back in January, Deputy Olga Skorobogatova (Bank of Russia) commented that authorities “would not like to concretely block anything” instead of “understanding how to approach cryptocurrency and from this generating a basis for regulation.”

Read more about Bitcoin in Russia by clicking on the blog post titles below.

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Amelia Tomasicchio
Amelia Tomasicchio

Amelia Tomasicchio is a content writer and marketer of Bitcoin-related news and fintech startups. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.

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