Crypto News Flash #36 : Bitcoin Will Be Legalized In Russia & Mining To Be Regulated !!
On the upcoming start of Bitcoin Futures Trading, Bitcoin demand has been increased substantially. People are buying Bitcoin so much that Coinbase were down for hours yesterday. There is a huge FOMO happening these days and everyone is trying to get their hands on Bitcoin : The Mother cryptocurrency.
A few months back. Russia was quite pessemistic while legalizing Bitcoin to trade within its economic borders and they had banned crypto trading and mining altogether until recently they have legalized Bitcoin.
Russian government is now working on legislation of Bitcoin and other cryptocurrrencies trading but mining might be criminalized.
The Deputy finance minister Aleksey Moiseev said recently in this statement:
"The penalties will be different, mostly administrative, but if someone created the cryptocurrency for the purpose of settlements, then there will be a criminal punishment.”
Aleskey is pretty sure that all the people will be punished who would be found creating any cryptocurrency as a pyramid scheme or in order to avoid tax legislation.
As of now, Bitcoin buying and selling is now legalized in Russia while rules regarding Mining will be introduced shortly. The Russian president has ordered the government to place certain regulations for the trade of Bitcoin and other cryptocurrencies, ICOs and mining by July next year.
The country is also working to create its own cryptocurrency named CryptoRuble which couldn't be mined but could be bought and sold for regular Rubles.
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bitcoin going to the moon