Russia Will 'Never' Consider Bitcoin Legalization, Says Minister

The head of Russia’s Ministry of Communications (Minkomsvyaz) has said the country will “never” legalize Bitcoin within its economy.

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

“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,” he declared quoted by Interfax.

The Russian minister of communications and mass media said yesterday that the country will not consider the legalization of digital currencies like bitcoin.

According to state-owned news service TASS, Nikolai Nikiforov stated: "Bitcoin is a foreign project for using blockchain technology, the Russian law will never consider bitcoin as a legal entity in the jurisdiction of the Russian Federation."

However, Nikiforov added that it is "quite possible" that Russia could consider using blockchain technology, as well as various digital tokens. However he did not provide any context in which the technology might be utilized.

Last month, the country's Communications Ministry drafted a document to the government detailing technicalities related to the adoption of cryptocurrency technology, indicating there is a interest within Russia for speculative foreign instruments.

TASS indicates that Nikiforov noted at the time:

"I think we should go ahead from the technological viewpoint, providing such instruments. It is hardly possible to get anything via restrictions amid digital economic development."