For Russia, Bitcoin will never be legal

The Minister of Communications and media of Russia say that although Blockchain has a future in the country of Vladimir Putin, Bitcoin will not have any kind of legal status and will not be recognized. Russian Minister Nikolai Nikiforov said that the country’s laws would never consider Bitcoin as a legal cryptocurrency simply because it was considered a foreign project.

According to TASS, the country’s largest news agency, which is the exclusive property of the Russian state, Nikiforov said:

Bitcoin is a foreign project to use Blockchain technology, Russian law will never consider Bitcoin as a legal entity in the jurisdiction of the Russian Federation.

The Russian official added that the government is open to digital cryptographic tokens through ICO and the Blockchain technology itself:

“However, I think it’s quite possible to use the Blockchain technology and the use of several digital tokens”

As we commented in a few weeks ago, the rejection of Nikiforov to Bitcoin for the fact of being a foreign project does not mean that in Russia there is no interest and an intention to create your own cryptocurrency, called “cryptorubl”. The cryptocurrency issued by the state will be developed and issued “quickly,” Nikiforov said after a meeting between Moscow’s elite and Russian President Vladimir Putin last month.

And it is that at the end of October, Putin ordered the ministries to develop legislation and a regulatory framework for the ICO’s and the cryptocurrency miners in the country, besides last week from the Russian Central Bank the ICOs were supported, always with an internal profitable purpose for the Russian country itself and its people. Now, earlier this week, Russian Deputy Finance Minister Alexei Moiseev announced his interest in formulating new legislation for cryptocurrencies before February 1.

Although it seems that it is unlikely that Bitcoin will be legally recognized in Russia, and despite the changes in the rejection and adoption of the mother cryptocurrency in recent months, it seems that the country will adopt a regulatory framework and legislation permissive for the mining of Bitcoins and cryptocurrencies, with the primary interest of overcoming the Chinese market.

Mining will be regulated and should be taxed, Bitcoin facilities will be provided although the executive is not in agreement with each other and the opinions are quite different, there is a desire to be the best in everything, including in cryptocurrency mining, but Bitcoin will not be classified as a legal cryptocurrency in the country. We will wait to see what is the next contradiction or paradoxical fact in the government of Vladimir Putin.