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Russia Won’t Consider To Legalise Cryptocurrencies Like Bitcoin

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Russian Minister Steels Clear Of Bitcoin Legalization

Russian mass media and communication minister recently revealed that his country will never even consider prospects of legalizing cryptocurrencies such as Bitcoin in days to come. TASS, a state owned news service quoted Nikolai Nikiforov as saying:

“Bitcoin is a foreign project for using blockchain technology, the Russian law will never consider bitcoin as a legal entity in the jurisdiction of the Russian Federation.”

However the minister added that his country recognises the immense potential of the underlying blockchain technology and might imbibe its goodness in future. He did not speak about any specific context for using the blockchain technology.

The Communications Ministry of Russia drafted a document addressed to the country’s government speaking about technicalities in relation to crypto adoption indicating that Russia might show interest in speculative foreign instruments. Nikiforov was then quoted as saying that:

“I think we should go ahead from the technological viewpoint, providing such instruments. It is hardly possible to get anything via restrictions amid digital economic development.” 

Also Read : Bitcoin Not Legal In Zimbabwe, says a Central Bank Official

The comments come in the aftermath of the statement released in May by Russia’s Communications Ministry hinting at a possible blockchain adoption within the coming two years. In spite of the Russian government taking an anti-bitcoin stance, the country’s officials have spoken quite positively about blockchain technology in recent days.

Just one week back a Central Bank official said that initial coin offering’s need to be accredited for meeting the funding requirement of start-up firms. Prior to that, Russia’s Federal Agency for Tourism head stated that blockchain holds the potential to bring thorough changes in the country’s tourism hemisphere.

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