Russia U-Turn: Bitcoin Forex Trading to Be Legal, Mining Banned

Russia’s Deputy Finance Minister, Alexey Moiseev, has revealed that the latest version of the draft law would treat cryptocurrency trading just like foreign currency exchange (forex), allowing its purchase and subsequent use abroad for Russian citizens.

Also read: India’s Law Enforcement Probes Dark Net Markets

From Russia with Bitcoin

Russian authorities want to equate Bitcoin to foreign currency, revealed Deputy Finance Minister, Alexey Moiseev, reports Ria Novosti. Moreover, while their issue or “mining” in the country would be prohibited, Russians will be able to nevertheless buy cryptocurrency and then use it or sell it abroad for profit just like forex trading.

He explains: 

[…] Use will be restricted and the issue of foreign currency will be prohibited in Russia, but the [cryptocurrency] can be bought, put in your pocket and taken abroad. […] We are now refining the specific language in the bill so that purchasing as well as selling cryptocurrency outside of Russia for profit can be possible.

Alexey Moiseev

At the same time, Moiseev once again reminded that the Ministry of Finance is continuing to work on the

Read more ... source: TheBitcoinNews