Russia expected to lift Bitcoin sanctions

Russian regulators are planning to scrap criminal penalties for bitcoin users.

According to Interfax, representatives of the Russian Ministry of Finance, the Central Bank and other government agencies have expressed support for the proposal.

It is reported that government representatives from all walks of life are preparing to submit a report to Russian President Vladimir Putin this year on the repeal of this bill.

If the report is true, the incident will completely free Russia from its negative image of suppressing cryptocurrencies and other currency options, and will also dispel rumors about administrative fines and criminal penalties against Bitcoin users.

The Russian government reportedly stated in documents released in 2014 and 2015 that legal entities that launch digital currencies will face a hefty fine of $25,000, while individuals involved in digital asset transactions will be punished with labor reform.

However, if the above government representatives want to fully convince the country to give up sanctions on Bitcoin, they may need to do more research.

Interfax reported:

At the same time, all representatives agreed that it is necessary to regulate the use of virtual currencies. The risk of criminals using other currency options for illegal use also needs further study. Therefore, where necessary, the proposal should design amendments to the regulatory decree.

The Russian Ministry of Finance used to have a very tough attitude towards Bitcoin and had attempted to ban its use several times, but recently the Ministry of Finance has softened its stance towards Bitcoin.

In July, Finance Minister Alexei Moiseev suggested that the regulation of cryptocurrencies be brought under the same umbrella as foreign currencies. Recently, blockchain technology has become popular in Russia, perhaps due to Bitcoin.