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No ban for Bitcoin in Russia

Although the relationship between Russia and Bitcoin has always been uneasy, the cryptocurrency was never officially banned in the country. A new statement by the Bank of Russia now reveals that Bitcoin will, in fact, remain legal in Russia and that no further action to prohibit its use.

Although the currency is still not seen as legal tender in Russia, the statement brings ease-of-mind to Bitcoiners in the region who were previously unsure of Bitcoin’s future within the country.

Bitcoin mining still remains illegal in Russia, as the only currency that can be issued within the country is the Ruble. Users are, however, free to buy, sell, and transfer the digital currency with no restrictions applied.

What’s next?

The news comes at a time where Bitcoin has been shaken up by the measures applied by the People’s Bank of China which has recently issued two announcements regarding Bitcoin. The latest of which stated the plan to inspect domestic Bitcoin exchanges.

Taking a less intrusive route, the Bank of China will instead try to attain a better knowledge of Bitcoin and build a regulatory framework around it. Olga Skorobogatov, Bank of Russia Deputy Chairman stated:

“It became clear that it is not straightforward to address Bitcoin with existing financial regulation. Regulators and financial agencies agree to not prohibit the use of Bitcoin. Instead, we want to gain a better understanding of Bitcoin, and build a regulatory framework we have gathered the necessary knowledge.”

Although the cryptocurrency could be banned by law, enforcing such ban would be unfeasible given the decentralized and pseudonymous nature of Bitcoin. The Bank of China seems to understand that such a ban would only remove Bitcoin from law-abiding citizens. Therefore building regulations around the currency is the best course of action to ensure the safety of its users.

Russia and Bitcoin

Although the recent statement by the Bank of Russia is a positive note for Bitcoin, the country’s outlook on Bitcoin wasn’t always so. A former statement by the Russian Ministry of Finance considered Bitcoin as a major threat to Russia’s economy and national security.

At the time, Russian Finance Ministry developed amendments to the Criminal Code, instituting a fine of up to 500,000 rubles and even a two-year corrective labor sentence for anyone mining Bitcoin on Russian soil. Finance Minister, Alexey Moiseev explained:

“Use will be restricted and the issue of foreign currency will be prohibited in Russia, but it can be bought, put in your pocket and taken abroad”

Nonetheless, the new direction taken by the Bank of Russia regarding Bitcoin may build a foundation for the widespread use of the digital currency within the country, which so far had a less-than-favorable relation with Bitcoin.


  1. God Bless Mother Russia……

  2. The Bank of Russia is not going to take measures to prohibit the use of Bitcoins, said deputy chairman Olga Skorobogatov within the Gaidar Forum.

    “Because Bitcoin – a private currency, it became clear that there is not so simple and beautiful as it is written in books and magazines. Position regulator and agencies – that we would not like to specifically prohibit something, and to understand how to relate to it, and on this basis to build a regulatory framework “, – said Skorobogatov.

    Prohibit the use of Bitcoins and other private currency is completely useless, said a member of Alfa Bank Petr Aven, the board of directors.

    “If the movement can not be stopped, it must lead. It is useless to exclude Bitcoin. He is and will be. So I think that the Central Bank, and in general from any regulator proactive stance – to try to understand what will happen. Private currency does not stop, their use does not stop. How to make sure that they do not weaken the ruble, it is an entirely separate issue. But the ban – it is totally useless history “, – said Aven at the Gaidar Forum.

  3. United States and Israeli interests along with their assortment of money interests objective is to sap the wealth of Syria and upon destroying the value within a society to rebuild it with their pieces.

    With Assad still the Political power within Syria, the monied interests cannot consume the rest of Syria and establish their fiefdoms to use as their springboard against Iran.

    In their view this was the best course of action due to it preventing a large confrontation openly against Iran, which they agonizingly touted in the media for 10 years, this is their justification for arming the worst types of terrorists with which to topple the Assad political power.

    However as Assad and Iran along with Russian Critical Airstrikes enable the situation to stabalize, the United States and Israeli forces consider the open confrontation against Iran by offering Russia a carrot in return. However Russia is not going to back down, so politically Israel and United States seek Regime change within Russia to allow their moneied intersts to attack Syria, Russia, and Iran into “submission” and recant their faith under the threat of torture and war.

    But history has shown that it is a form of Total War already within the spiritual forms with a mild regional war.

    The United States is highly unlikely to allow the current trend to continue with it losing to China in trade and technology without confrontation.

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