Russia to Criminalize Bitcoin Use as Money Substitute: Putin to Roll out Laws. The Russian president out of skepticism wants the cryptocurrency regulations to be put in place by the 1st of July.
Part of the regulations are contained in the digital assets regulation bill expected to give directions to cryptocurrency use in the country.
Independently, Finance ministry of Russia is planning to criminalize cryptocurrency use as money substitutes by introducing a law to curb the use.
Head of the Russian bank Elvira Nabiullina explained that she together with the ministry of finance are against the use of virtual currencies saying only the Russian monetary unit enables payment for goods and services.
Nabiullina said in order to protect the Russian ruble bitcoin together with other digital currencies must be criminalized. All this is to maintain the common monetary unit in the country.
Though the authorities haven’t given out the punishment awaiting the lawbreakers on this matter the recommendations are imminent.
Outcomes due to the violation of the law has not been manifested all over for a quite period. The ministry of finance decide to join the space, said the deputy finance minister.
Early January 2018, the country went ahead to regulate cryptocurrency commerce on official bargaining platforms, urging that the guidelines were to guide individuals from being left in the dark.
The government may be forced to counter for the hard conditions which will the people. Every person has the responsibility for his or her deeds and that the government will only give directions. Some problems that may arise will also need to be solved.
The president insisted on being cautious with bitcoin use due to the fact that cryptocurrencies aren’t sponsored by the central bank.
During early October 2017, the president said that crypto can effortlessly put into utilization through money laundering among other engagements in the region. Further refereed to virtual currencies as the pyramid scheme.
After a couple of days the commander in chief all of a sudden changed his mind by announcing that his country was planning to come up with its own cryptocurrency referred to as the crypto ruble in order to thwart the economic sanctions by U.S