Russian parliamentary representative: Hold Bitcoin legal, but trade and mine or be fined

The Russian Duma (parliament) representative may have finally given some clear explanations for the cryptocurrency, albeit unintentionally. While announcing a possible fine for the miners, the company said it is feasible to hold bitcoin.

Anatoly Aksakov, Chairman of the Russian State Duma Financial Markets Committee, revealed the news during an interview at the St. Petersburg International Economic Forum.

Bitcoin

Digging bitcoin may be fined

Aksakov told the media at the meeting:

"According to Russian law, the unconditional use of cryptocurrencies will be considered illegal. This means that mining, organized output, circulation, and the creation of exchange points for these tools will be banned."

Penalties for such acts will be fines. However, this proposal only applies to public blockchains (such as Bitcoin and Ethereum) and does not apply to state-supported encrypted rubles.

So far, Russia has been talking about bans and regulations almost every month. But then Aksakov said something more interesting.

Holding bitcoin is feasible

Although it is proposed to ban mining and other activities, he stressed that it is recommended to allow bitcoin. In other words, as long as Bitcoin is obtained in foreign sales outlets and foreign exchange markets in accordance with foreign laws, there is no problem. Obviously, any trading point in Russia is illegal, just like mining.

In addition, Aksakov also said that he believes that technologies such as lightning network can increase the speed of transactions, which will rekindle interest.

Russian central bank governor Elvira Nabiullina will certainly feel uneasy. Last October, she also said how lucky the cryptocurrency boom was.

The central bank governor also attended the economic forum last week, and she told the parliament that she opposed the legalization of cryptocurrencies. So, is the attitude of the government really different from the central bank?

Maybe not. Nabiullina does say that the central bank "opposes cryptocurrency as a legitimate means of payment." Some people think that this will also belong to the circulation category, and will create trading points, so it is an illegal act.

Although Russian cryptocurrency legislation seems to be procrastinating forever, Aksakov claims that the bill will be passed before the end of the spring meeting in June. President Putin has postponed this deadline until February, so it is in everyone’s best interest to achieve this goal.

So, is Russia’s cryptocurrency regulatory rules increasingly clear? According to Aksakov, it seems to be very clear that only specific laws need to be passed.

In other words, if you started a large-scale mining activity in Russia last year, this would be bad news.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Gemini Exchange sets up insurance company to provide $ 200 million in insurance for custody services

The Winklevoss brothers' Gemini exchange has set up an insurance company to prepare up to $ 200 million in insur...

Blockchain

Exchange Real Volume Report (on) | TokenInsight

Summary of points: 1. According to the report, 36% of the exchanges (11) have a real trading volume ratio higher than...

Blockchain

WIRED Investigating the Mysterious Hacker Incident on the Day of FTX Bankruptcy

Author | Wired Translated | Wu Shuo Blockchain Original Link https//www.wired.com/story/ftx-1-billion-crypto-heist/ w...

News

A picture to understand the blockchain: expansion, going to sea, ending, a decade of exchange history

Expansion, going to sea, ending-ten years history of exchanges On November 14, the Central Bank's Shanghai Headq...

Blockchain

Featured | Messari Founder: Recent Frustrations and Hopes in the Industry; Innovations in the Bitcoin Technology Stack

Today's content includes: 1. Founder of Messari: the recent frustration and hope of the industry; 2.Innovation i...

Blockchain

How many entities hold Bitcoin? These 7 exchanges are worth watching

Written by: Rafael Schultze-Kraft Translation: Lu Jiangfei Source: Chain News Problems with quantifying the number of...