After almost two years of being in a state of confusion on how to deal with the advent of digital currencies, it appears Russia is ready to lay down the law on Bitcoin – and it may be sooner rather than later.
According to Russian news blog Forklog the country shares a two-party system with the West when it comes to the legislation of such matters. The more liberal-minded are called techlibs, who are mostly economists who favor allowing Bitcoin into the Russian market. Conservative figures in law enforcement are known as secruocrats, who are not fans of Bitcoin and other digital currencies, labeling them “money surrogates,” and are working to ban them. Each side has drafted laws either for or against Bitcoin usage in Russia.
The rumor mill of Bitcoin regulation has been churning for the better part of the last 18 months. A pro-Bitcoin draft of law will be under review by the Duma, the Russian parliament, where it is due for an official “reading” as early as next month.
Meanwhile the anti-Bitcoin securocrats are readying their draft for submission soon, according to Russian Minister of Finance Anton Siluanov.
“We will continue protecting the consumers of financial services,” Siluanov said.