Russia Seems to have Changed its Mind about Bitcoin

In the past, Russia’s Ministry of finance had banned bitcoin wanted to jail anyone using it. A new report, in Russian is showing us otherwise. The Russian government now wants to label crypto currencies as foreign currency. While the use of bitcoin will still be prohibited, Russian citizens will be able to buy it with online platforms, and spend it in other countries.

“According to the Constitution…the only ruble issuer in the country is the Bank of Russia. Thus issuing any other currency is illegal,” Deputy Finance Minister Alexey Molseev said about the Russian government still pushing for the bill to punish any bitcoin use.

“The bill we are now refining specific language to allow this kind of cryptocurrency purchases with a view to their use outside of Russia,” he added.

While the Ministry of Finance has been a big supporter in the opposition against bitcoin, it did express interest in the blockchain technology, saying it “has potential relevance…for the development of e-commerce.”

The proposal is set to be submitted before 2017.

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