Russia’s Parliament is Discussing the Legalization of Bitcoin

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In April, CCN reported that Russia could recognize and regulate bitcoin and other cryptocurrencies in 2018, according to the words of Deputy Finance Minister Alexei Moiseev who spoke about the subject. At the time, this market a U-turn from the official who had in the past proposed to imprison bitcoiners in the country.

Only a few days later, Bank of Russia’s Fintech chief Maxim Grigoriev squashed such expectations, stating that the status of cryptocurrencies in Russia was still under discussion at the time, and that speculating results was premature.

On June 1, CCN reported that the head of the Bank of Russia, Elvira Nabiullina, stated that bitcoin would not be considered a currency in the country and that it would be regulated as a ‘digital asset’. At the time, she stated the bank didn’t see huge benefits in introducing cryptocurrencies into the Russian economy, but instead saw doubts and “risks” associated with digital currencies.

Now, according to RT, formerly known as Russia Today, State Duma – the lower house of the Russian legislature – committee member Vadim Dngin says a parliamentary hearing on the legalization of cryptocurrencies, particularly bitcoin, may soon start in the country. He added that bitcoin will “most likely become accepted throughout the world”.

The parliamentarian also added that, for now, legalizing cryptocurrencies wasn’t necessary but that it’s time to think about the issue. In the future, Russia could even have its own bitcoin exchange offices, Vadim stated: