NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Russia to Treat Bitcoin as Foreign Currency

newsbtc
newsbtc
1 year ago
3 mins read
NewsBTC_Bitcoin Russia Foreign Currency

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The status of Bitcoin in Russia has been up in the air for quite some time now. There only seems to be two courses of action: either Bitcoin would be banned, or it would be allowed. But perhaps there is a third option on the table, as authorities want to label Bitcoin as “foreign currency”.

Russia Still Tangoes With Bitcoin

Putting Bitcoin on the same level as foreign currency in Russia would have some interesting consequences. Using Bitcoin in the country will remain prohibited, but users can buy Bitcoin in Russia through exchange platforms. Additionally, they can use this purchased cryptocurrency to spend it in different countries around the world.

The concept of Bitcoin has been a thorn in the eye of Russian authorities for quite some time now. Since cryptocurrency can’t be controlled by a government or any bank, they feel it is a way for criminals to conduct illegal activity. But it looks like a mind shift is taking place, which has a favorable outcome for Bitcoin enthusiasts in Russia.

If this decision were to be turned into law, the question becomes what happens to the other proposals on the table. One of those suggestions would see the usage of Bitcoin punishable by law, resulting in hefty fines and a jail sentence. By the look of things, this proposal will be enforced, even when Bitcoin is concerned to be foreign currency. Russia wants to ensure the Ruble is the only currency ever used the country.

At the same time, the technology powering Bitcoin is a top priority for the Russian authorities. There have been rumors regarding the Bank of Russia planning to issue their own virtual currency in the future. Up until this point, those plans have not been made official just yet, but that situation might come to change shortly.

Russia is positioning itself to be one intriguing country when it comes to Bitcoin. By allowing consumers and businesses to exchange cryptocurrency and Ruble, yet making spending Bitcoin punishable by law, an interesting ecosystem is created. Depending on how the situation evolves, the country may even be forced to embrace cryptocurrency several years from now.

Depending on how soon all involved parties can come to an agreement, the law proposal will be submitted to the Duma by the end of 2016. Once that step has been completed,  it will take several more weeks – or months-  until the proposal is accepted or declined.

Source: Ria

Header image courtesy of Shutterstock

Tweet123Share196ShareSend
newsbtc
newsbtc

newsbtc

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Ethereum

Ethereum Price Stuck At $2,500: Analyst Says Don’t Trade Until This Happens

The Ethereum price is currently locked in a narrow trading range of around $2,500, with momentum stalling despite the market’s...

Scott Matherson 8 hours ago

What FunToken movement towards a 500% spike says about the scarcity market psychology

FUNToken made an almost historic announcement on June 19, 2025, wherein the company announced a fixed tokenomics, with its supply...

News BTC 9 hours ago
Bitcoin

Bitcoin Investor Sentiment Back To ‘Very Bullish’ — What This Means

The Bitcoin price action was largely sideways rather than strongly bullish for most of June. As of early July, the...

Opeyemi Sule 9 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

No Need To Panic, Bitcoin’s Peak Still Coming In October 2025 – Analyst

Semilore Faleti 48 minutes ago
Litecoin

Litecoin Fate Tied To Bitcoin – Will $96 Resistance Crack?

Godspower Owie 2 hours ago
crypto

Crypto Market Cap On Track To $4.5 Trillion As Q3 Unfolds – Details

Semilore Faleti 6 hours ago

Premium Sponsors

Press Releases

  • XRP Cryptocurrency × Dogecoin Mining: HASHJ launches...

    5 hours ago
  • Koja kriptovaluta ima veći potencijal za stvaranje milijunaša XRP ili Shiba Inu

    Koja kriptovaluta ima veći potencijal za stvaranje...

    9 hours ago
  • 3 altcoina koje vrijedi pratiti u prvom tjednu srpnja 2025

    9 hours ago
  • XRP Bulls Are Soaring — FINDMINING Rides the Wave to...

    15 hours ago
  • $AIN Expands to 7 DEXs as AI Network Activates Omnichain AI...

    15 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.