Russia Caves In on Bitcoin to Open Front on Money Laundering

Only a year ago Russia’s Finance Ministry was threatening jail time to anyone using digital currencies.

In a major U-turn, it’s now edging closer to their acceptance as a legitimate financial instrument to open a new line of attack on money laundering.

The authorities hope to recognize bitcoin and other cryptocurrencies in 2018 as they seek to enforce rules against illegal transfers, Deputy Finance Minister Alexey Moiseev said in an interview. The central bank is developing a joint position together with the government on digital currencies, according to its press service...

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