Is Russia Considering a Bitcoin Ban?

Jayanand Sagar | August 5, 2014 | 10:14 am

Is Russia Considering a Bitcoin Ban?

Jayanand Sagar | August 5, 2014 | 10:14 am

There has been no shortage of chatter surrounding the legalities of bitcoin in Russia, but a new proposal from the country’s Ministry of Finance could see the usage of bitcoin effectively banned moving forward.

Last week, an announcement came through on the Ministry’s own website at regulation.gov.ru with reference to Article 27 of Russian Federal Law.

It reads, in part (via CoinDesk.com):

[blockquote style=”2″]According to Article 27 of the Federal Law ‘On the Central Bank of the Russian Federation’ (Bank of Russia) the official Russian currency is ruble. The issuance of monetary surrogates in Russia is forbidden as well as the introduction of other monetary units. However, monetary surrogate has no standard definition in the Russian legislation.[/blockquote]

The idea is to amend the article to stop the use of not only bitcoin, but other digital currencies. In other words, it’s a pretty big deal if you’re a crypto fan living in Russia.

Not only does the plan include to ban cryptocurrencies, but it also aims to restrict user access to web services that allow for the buying and selling of these cryptocurrencies. Ouch.

As mentioned, earlier this year, there was a ton of discussion about Russia. Bank in January, the Russian Central Bank noted that cryptocurrency users were unintentionally violating the law, and the Prosecutor General’s Office even said bitcoin usage was not permitted.

It’s a confusing tale, and it brings back memories of China bitcoin ban rumors, which took place seemingly weekly earlier this year and late last year.

Let’s see where this one goes.

[textmarker color=”C24000″]Image[/textmarker] Bart Slingerland

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