Bitcoin in Russia: regulation will take place in 2019
Russia’s Ministry of Communications (Minkomsvyaz) has revealed it is looking for legalizing Bitcoin in Russia and the blockchain technology by 2019.
The local news agency called TASS talks about a document about the Russia’s Digital Economy of the Russian Federation project, which lays out a timeframe for creating and passing the blockchain regulation.
The document quoted the following:
“bringing into effect regulatory acts governing the possible use of technology for decentralized registers and legal certificates.”
Back in March, prime minister Dmitry Medvedev instructed Minkomsvyaz and its counterpart Ministry of Economic Growth (Minekonomrazvitie) to “study to what extent Blockchain would be applicable to our system of government.”
During the last year, Bitcoin in Russia has solidified from a rhetoric point of view also because the Russian Central Bank decided not to ban digital currencies including Bitcoin and this news was useful to calm businesses and users’ after a few years of uncertainty when Russia stated it would ban cryptocurrencies within the country.
Then, back in April, 2017, Russia announced it would recognize Bitcoin by 2018, but monitoring each transaction.
Read more about Bitcoin in Russia here.
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