Bitcoin Will Be Legal In Russia, Mining to Be Regulated

As Russian works on legislation on the trade of Bitcoin and other cryptocurrencies, there’s a possibility that mining could be criminalized.

Not in the straightforward sense, according to deputy finance minister Aleksey Moiseev as quoted by RT:

“The penalties will be different, mostly administrative, but if someone created the cryptocurrency for the purpose of settlements, then there will be a criminal punishment.”

Moiseev confirmed that there would be criminal penalties for people who create pyramid schemes or cryptocurrencies in order to avoid paying tax.

The ministry had hinted that miners would need to register with a central authority – allowing both companies and entrepreneurs to set up operations…

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