In The Year Of 2018, Russia Will Recognize Bitcoin In All Transactions
Russia has declared that they will recognize the Bitcoin in the year 2018,subject to full transaction monitoring. In line with the most recent statements by the country’s Central Bank Deputy Finance Minister Alexey Moiseev, he has mentioned in an interview which was conducted by the Bloomberg that a wholly legal position was to be taken on the cryptocurrency in this near and approaching future.
Previously, the Bitcoin and the Altcoin had languished in a regulatory gray area with both the users and the entities that are operating in Russia; they were being threatened with the takedowns and even the jail time. Last October, the state communications watchdog the Roskomnadzor has blocked access to a peer-to-peer marketplace LocalBitcoins nationwide, the developers have responded by the means of setting up a dedicated mirror site such as the LocalBitcoins.net.
Central Bank Deputy Finance Minister Alexey Moiseev has said that the state fully needs to be familiar with who at every time stands on the both sides of the financial chain… And if there is a transaction that the people who are facilitating it must understand from whom they have purchased and to whom they were selling, just similar with the bank operations.
Based on the Bloomberg report, at the same time as the cryptocurrency is still yet to receive an official status enshrined in laws, the decision on whether it will be treated as an asset, or cash or a security is due in the middle of the year 2017.
Last January of this year, the Bank of Russia Deputy Olga Skorobogatova has said that the authorities would not like to concretely block anything and instead just understand how to approach the cryptocurrency and also from this, generate a basis for the regulation.