Regulations
Since Russia is actively discussing laws on trade bitcoin and other crypto-currencies, there is a possibility that mining may be criminalized. Not in the literal sense, according to Deputy Finance Minister Alexei Moiseyev:
- "The fines will be different, mostly administrative, but if someone created a crypto currency for the purpose of settlement, then there will be criminal punishment."
Moiseev confirmed that for people who create pyramid schemes with the help of crypto currency, criminal sanctions will be applied.
The ministry hinted that the ministers will need to register so that companies and entrepreneurs work legally.
Bitcoin will become lawful in Russia
Since the state is working on legislation, Moiseev stressed that the purchase and sale of bitcoins and other crypto-currencies will be legalized. How long it will take for this new law to take effect is not yet known, it is likely to happen within a few months.
This is an unexpected turnaround, since in October Vladimir Putin spoke negatively about bitcoin and other crypto-currencies. And the head of the Ministry of Economic Development of Russia compared the quotes of the digital currency with the financial pyramid of MMM.
The President of Russia ordered the government to develop rules for trading bitcoin and other crypto-currencies; to resolve issues of ICO regulation and mining by July 2018.
Crypto in the country
Also, Russia is now developing its own state crypto currency, CryptoRuble, which, ironically, is not being ambitious. It is reported that CryptoRuble will be controlled by the state and will be exchanged for ordinary rubles.