Russian Minister says: They will Never Consider Bitcoin as Legal

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Russia’s Ministry of Communications’ (Minkomsvyaz) head told that the nation will “never” consider the Bitcoin within its economy.

Nikolay Nikiforov while speaking to the journalists on the fringes of the Duma’s first Russian National Youth Forum said that while Bitcoin was to remain outside legality, the adoption of the Blockchain technology was “entirely possible”.

 

He said:

“Bitcoins are a foreign application of Blockchain technology, and Russian law will never consider them as a legal entity under the jurisdiction of the Russian Federation.”

These comments made it even more confusing for the already confused  Russian lawmakers’ Bitcoin and Cryptocurrencies. A host of elderly individuals has contested controversy over how Russia treats a controversial economic phenomenon, and some claim that the complete ban is inevitable.

Last week, the popular social content sharing platform GOLOS was being locked by regulator Roskomnadzor for a week over unproved data privacy violation, which was attempted by the developers to challenge in the court.

Meanwhile, the Kremlin had announced in the beginning of this year, is aiming to take over the Bitcoin mining market, through pumping the millions of dollars into taking the shares away from China. It will also regulate the mining by July next year.

The Blockchain has always fared considerably good in Russia, and the latest noises from Moscow have only served to have the interest in its different uses.

As an example, ‘self-administering’ laws might be thankful for the implementation of the smart contracts, according to the local news sources which were reported this week.

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