Russia Abandons Bitcoin Penalization Plans

News and Analysis

According to Interfax, which in its turn references to its own unnamed sources close to the Russian government’s financial departments, Russian authorities have ditched the idea of penalizing bitcoin operations.

The publication reported that the Ministry of Justice and the General Prosecutor’s Office resolved that there were no grounds for criminalizing usage of cryptocurrency. At a meeting held a few days ago, representatives from the Central Bank, the Ministry of Finance, and the government’s central office agreed with the conclusion.

Now, the ministry of finance and other involved departments will have to make a report on the subject, which will later be presented to the government and the president, allegedly in late August.

The Russian government earlier considered penalizing exchange operations involving bitcoin. Recently, the Federal Tax Service of Russia recommended reporting bitcoin transactions.

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