Home News Bitcoin Mining Bitcoin Is Illegal in Russia, But Holding Is Allowed

Mining Bitcoin Is Illegal in Russia, But Holding Is Allowed

June 10, 2019 17:00
Russian Central Bank
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The Duma (representative) in Russia may provided some clarity on holding and using cryptocurrencies, albeit unintentionally.

In an exclusive interview, with local news portal, TASS, Anatoly Aksakov, head of the State Duma Committee on the Financial Market, had said, “I note that actions with cryptocurrency, unconditional due to Russian legislation, will be considered illegitimate. This means that mining, organizing production, circulation, creating exchange points for these tools will be prohibited. For this, administrative liability will be in the form of a fine. We believe that cryptocurrencies created on open blockchains – bitcoins, ethers, etc., are illegitimate tools.”

He stated, that while mining was still forbidden, it was no crime to hold cryptocurrencies, provided they were bought under foreign law at foreign points of sale and exchange.

He further added, that “a critical mass of actions and operations are now accumulating, which will allow Bitcoin to become popular again.” Aksakov, stated that once the speed of the bitcoin blockchain speeded up, things would be different.

Earlier, this year, Crypto-News India had reported that the Russian administration would be interested in purchasing at least $10 billion in the first phase and the plan would have a staged execution given its size.

At the time, Vladislav Ginko, a lecturer at Moscow’s Russian Presidential Academy of National Economy and Public Administration had said, “US sanctions may be mitigated only through Bitcoin use. Because of US sanctions, Russia’s elite is forced to dump US assets and US dollars and invest hugely into Bitcoins. The Central Bank of Russia sits on $466 billion of reserves and has to diversify in case there is limited opportunities to do it.”

In April, we had reported that a report published by Special Counsel Robert S Mueller III, known as the Mueller report, blew the lid off the rumours and confirmed that there indeed was some Russian interference in the elections.

Agents working on behalf of Russian military intelligence used bitcoin to do everything from purchasing VPNs to buying domains hosting political propaganda. The report says that social media portals such as Facebook and Twitter were heavily used to influence voters and the demographic.

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A blockchain enthusiast, a wannabe-crypto investor and an all-around enthusiast! Loves travelling, especially to ASI-protected areas, believes in giving her best shot at everything she does! Definitely an introvert.


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