Russia’s stance on Bitcoin and cryptocurrency has changed yet again. For the longest time, the country’s officials seemed poised to ban Bitcoin altogether. But those plans have been altered, as the Russian Ministry of Finance wants to do no such thing. That doesn’t mean they will embrace cryptocurrency all of a sudden, though.
Russian Ministry of Finance Does An 180 On Bitcoin
In what can be called a surprising turn of events the Russian Ministry of Finance did a full 180 on Bitcoin. Not too long ago, government officials were proposing a solution to make Bitcoin usage punishable by law. Business owners would even face up to seven years in prison for their involvement in cryptocurrency.
Alexei Moiseev, the Deputy Finance Minister in Russia, has highlighted the new bill on cryptocurrency. The current plans involve a series of meetings with experts to consider the development of Bitcoin technology. Making an outright ban on Bitcoin would be “unwise’, which is rather shocking. For some reason, Russia seems unable to make up its mind when it comes to cryptocurrency.