Published On: Wed, Nov 22nd, 2017

Nyet! Russian Minister Says Bitcoin May Never Be Legalized

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Russian minister Nikolai Nikiforov says that it’s likely that Russia will never legalize Bitcoin due to it being a “foreign product.” However, Russia is still gung-ho on blockchain technology.
Cryptocurrency and Russia have been an intriguing mix over the last few years. The acceptance of Bitcoin, mining, and cryptocurrencies in general has gone back and forth between acceptance and rejection. Now it looks like Bitcoin may be shot down for good in the Russian Federation as Russian Minister of Communications and Mass Media Nikolai Nikiforov says that it’s quite likely that Bitcoin will never be legalized.

The Russian Dance with Bitcoin
For Bitcoin enthusiasts in Russia, I assume life can be pretty frustrating. It was only back in 2016 when the Russian government was considering legislation to make Bitcoin mining illegal and punishable with a 7-year jail sentence. The main reason for this attitude was that cryptocurrency was considered a national security threat and would damage the economy.
This year saw a remarkable change as Russia began to embrace cryptocurrency and actively sought to challenge China when it comes to Bitcoin mining and technology. It was just a few weeks ago when Nikolai Nikiforov announced …

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