Russians Softening on Bitcoin Position

News, Regulation | April 11, 2017 By:

Bloomberg News reports that the Russian government is now “edging closer” to accepting digital currencies.

Deputy Finance Minister Alexey Moiseev said that the Russian central bank is “developing a joint position” with the government, according to a Bloomberg report taken from the Bank of Russia’s press service. The move is a stark turnaround from previous stances, which threatened imprisonment for use of digital currency.

The state needs to know who at every moment of time stands on both sides of the financial chain,” Moiseev said. “If there’s a transaction, the people who facilitate it should understand from whom they bought and to whom they were selling, just like with bank operations.”

Russian banks have struggled with allegations of money laundering. Many have lost their licenses after being accused of various schemes. The latest proclamation by Moiseev indicates late this year or 2018 may be the year when cryptocurrencies are brought into acceptance in Russia.