Russian Minister: Russia Will ‘Never’ Consider Bitcoin as a Legal Entity

Russia’s minister of communications and mass media has said that Russia will never legalise bitcoin in the country.

Reported by Russian News Agency TASS, Nikolai Nikiforov said:

“Bitcoin is a foreign project for using blockchain technology, the Russian law will never consider bitcoin as a legal entity in the jurisdiction of the Russian Federation.”

He did add, however, that it was possible to utilise blockchain technology and various digital tokens.

Last month, Russia’s Communication’s Ministry submitted a document to the government pertaining to technical details relating to the adoption of digital currencies. October also saw Vladimir Putin, President of Russia, ordering ministers to develop a regulatory framework for initial coin offerings (ICOs) and digital currency mining operations within the country.

Last week, a senior official at Russia’s central bank, said that ICOs have ‘huge potential’ to finance startups within the country. Sergei Shvetsov, Bank of Russia’s first deputy chairman, stated: […]

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