Published On: Thu, Dec 7th, 2017

Russia Steps up Crypto Regulation Efforts

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Russia seems to taking their self-imposed responsibility of regulating crypto a step further. Even though it will still be legal to buy cryptocurrencies in the country, mining them could be a whole different story.
The rise and rise (and rise) of Bitcoin is a cause for celebration for crypto enthusiasts and a bone of contention for cynics. As it’s popularity grows, more and more people are interested in the financial benefits that the digital currency has to offer. It’s broken through the $14k barrier, and if that wasn’t enough, smashed through the $16k ceiling as well!

With its popularity, comes a stronger interest in government regulation. Based on this, and according to RT News, Russia’s finance ministry has plans to criminalize crypto mining.
According to Aleksey Moiseev, Russia’s Deputy Finance Minister:
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.
New Legislation Could Delay Implementation
Moiseev also added that it would also be illegal to use crypto to create a financial pyramid or to avoid paying taxes. However, buying cryptocurrencies, including Bitcoin, would still …

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