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Russia is going to ban mining cryptocurrency

The State Duma of the Russian Federation consider the possibility of introducing penalties for mining cryptocurrencies created on open blockchains. The most remarkable example is Bitcoin. There is no single opinion on this bill yet. If the ban is accepted, then all actions with cryptocurrency its issue, circulation, creation of exchange points, will be recognized as illegal. For all this actions mentioned above, there will be an administrative punishment in the form of a fine.

However, it will not be forbiden to own Bitcoins in Russia if they were purchased not on the territory of the Russian Federation and in accordance with the requirements of foreign legislation.

The creators of this innovation consider Bitcoins as well as other cryptocurrencies created on the open blockchains as illegitimate tools. According to some forecasts, Bitcoin may regain its popularity soon, because the main problem of the blockchain is the speed of transactions, as soon as the speed increases, interest in purchasing Bitcoin will return again.

Consideration of the law “On digital financial assets” in the State Duma is temporarily suspended due to the requirements of the FATF (Financial Action Task Force on Money Laundering).

This organization is engaged in the development of world standards in the field of countering the laundering of illegally acquired proceeds and the financing of terrorism. Despite this, it is planned to adopt this law in June.

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