Russia’s Party of Growth pushes to legalize bitcoin

Regulation | July 14, 2016 By:

The Party of Growth, a right cause party representing the liberal free market economy and democracy, is pushing to create clear and transparent legal regime and regulations for cryptocurrencies including bitcoin.

The Party of Growth believes that the bitcoin blockchain technology is developing rapidly around the world, including Russia. The party proposes to legalize bitcoin mining and officially recognize bitcoin property rights.

“Russia should have the most free system for blockchain operation, which is also rational in terms of the country’s interests, so that it is as legal as possible and so our cryptocurrency legislation is all prescribed,” said Presidential Commissioner for Entrepreneurs’ Rights Titov Boris, who also heads the Party of Growth.

The Party of Growth also plans to utilize the bitcoin blockchain to conduct conventional government operations. Specifically, Boris explained that using the timestamp of bitcoin transactions, the Russian court can secure their records and data onto a irrefutable decentralized ledger.