Russian authorities to discuss the legislative status of bitcoin

Regulation | November 11, 2016 By:

The head of the working group of cryptocurrency risk assessments Elina Sidorenko said that the working group will offer two concepts of the cryptocurrency bill development to the Russian government.

“Russia may become the first country in the world to determine the legal status of cryptocurrency in the national legislation applied to all regions and federal subjects of the country,” said Sidorenko.

Sidorenko said that there are two concepts for the future bill. The first concept suggests making the amendments to existing legislation, which will add chapters and articles of law for both mining and using cryptocurrencies in Russia. The other concept suggests creating a new law covering cryptocurrencies. It will be similar to the regulations of the Internet in Russia and should define rules for cryptocurrency markets and their participants.

“The ministries of the Russian Federation are taking a step away from the penalty paradigm against cryptocurrencies,” Sidorenko added.