Russian government to officially ban bitcoin

Regulation | March 24, 2016 By:

The Russian Finance Ministry is now developing a proposal to officially ban bitcoin in Russia.

The amendments proposed by the Finance Ministry seeks to introduce an official ban on the production and circulation of bitcoin, the cryptocurrency, in Russia. The Finance Ministry will cite Article 75 of, covering the Constitution of the Russian Federation which explicitly states that the Russian ruble is the sole monetary unit of the Russian Federation.

“The monetary unit of the Russian Federation is the ruble. The Central Bank of the Russian Federation is the sole issuer of currency. The introduction and issuance of other currencies in the Russian Federation are prohibited,” The Russian Finance Ministry said.

The proposal has already received support from Ministry of Economic Development, Federal Financial Monitoring Service, lawyers and bankers.