Category Archive: constitution

Regulators to allow Bitcoin in Russia


Russia’s Ministry of Finance revealed that regulators now wants to propose a new law to allow Bitcoin in Russia.
Actually, they want still ban Bitcoin in Russia for domestic use, but they want to use it as a foreign currency.
In a recent interview conducted by the Rossiyskaya Gazeta magazine, deputy finance minister Alexei Moiseev explained this move to limit the use of other currencies domestically. 
As Moiseev said, ruble is supported by Russian Constitution, so it can be the only currency in use for national trading.

How to use Bitcoin in Russia

“Can Russian citizens have a wallet and pay bitcoins in those countries where it is allowed? Why not? Therefore, we are formulating the law in such a way in order to allow buying cryptocurrencies for foreign operations and allow Russian citizens to sell bitcoins for profit reasons in foreign countries.”
This announcement represents a significant change for Bitcoin Russia.
In fact, previously Russian government wanted to ban digital currencies and to impose criminal penalties for their users, despite more positive notes from the Russian central bank.
Currently there is no law to prevent the use of bitcoin domestically, and Russia doesn’t want to limit the development of the blockchain, but only to prevent the Bitcoin use for national commerce.

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