The head of Russia’s Ministry of Communications (Minkomsvyaz) has said the country will “never” legalize Bitcoin within its economy.
Speaking to journalists on the fringes of the Duma’s first Russian National Youth Forum, Nikolay Nikiforov said that while Bitcoin was to remain outside legality, adoption of Blockchain technology was “entirely possible.”
This is in contrary to the opinion of the country’s powerful president, Vladimir Putin who ordered the creation of laws governing the status of bitcoin, other cryptocurrencies, mining, ICOs, as well as defining everything that relates to digital money by July 2018, according to the Kremlin.
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At the same time, the Kremlin had announced earlier this year it is aiming to corner the Bitcoin mining market, pumping millions of dollars into taking shares away from China. It will also regulate mining by July next year.
As cryptocurrencies “are issued by an unlimited number of anonymous sources,” in case of any problems, including “system malfunctions” or the emergence of currency bubbles, there will be no one liable, Putin warned.
To date, cryptocurrencies in Russia are not officially regulated. The Ministry of Finance has suggested introducing mandatory registration of cryptocurrency miners and only to allow legal entities and individual entrepreneurs to participate.
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