History of Cryptocurrency in RUSSIA II

In January 2021, the Ministry of Finance published a bill according to which the turnover of cryptocurrency in the Russian Federation will be regulated. It will not be possible to pay with it in stores, since it is not legal tender. But cryptocurrency is a separate type of property presented in electronic form. Almost all states already know that this is mining and cryptocurrency. But not everyone knows what started the history of electronic money in Russia.

Stages of the emergence and development of cryptocurrency

For the first time, they heard about cryptocurrency in the Russian Federation in 2009. Then bitcoin was developed. This is electronic money that could be bought without the participation of banks and other intermediaries. And now it is the most popular cryptocurrency.

But until 2014, practically no one knew anything about Bitcoin and other electronic money in the Russian Federation. At the end of January 2014, the Central Bank of the Russian Federation issued a warning, according to which it became known that exchanging and issuing bitcoin is equivalent to terrorist financing. And already next month, law enforcement agencies, led by the General Prosecutor's Office, began to fight against cryptocurrencies. But most of all, they were persecuted by offenders who used virtual currency for illegal purposes.

Prohibition of cryptocurrency

The head of the FDCS (Federal Drug Control Service), Viktor Ivanov, announced that the drug lords are paying with their suppliers with the help of bitcoin. Forbidden actions by the authorities continued to gain momentum. First, the Ministry of Finance proposed to fine Russians for personal use of bitcoin by 50,000 rubles(~700$). But it later introduced criminal penalties for issuing cryptocurrencies.

But in the summer of 2015, the Central Bank became more loyal to electronic money. Then it became known that he would allow some operations with bitcoins and other types of cryptocurrencies. The first to speak out against the ban on cryptocurrency in Russia was the head of "SberBank", German Gref. And already in 2016, he said that he himself has a contribution to Bitcoin.

The Ministry of Finance in 2015 called the cryptocurrency a monetary surrogate. But at the same time, it did not stop work on the law, according to which citizens of the Russian Federation face criminal liability for using bitcoin.

Small fracture

In 2017, there was a slight change. Information about cryptocurrency has appeared in almost all media. The authorities realized that it was foolish to ignore electronic money, let alone ban it. The Deputy Chairman of the Bank of Russia announced the need to assign the status of a national cryptocurrency. Some authorities have expressed a desire for the free development of electronic money in the Russian Federation. In October 2017, Russian President Vladimir Putin issued a decree for the "Central Bank". Until July 1, 2018, he was obliged to prepare amendments on the regulation of electronic money.

Many financial experts believe that cryptocurrency will have a dubious future. According to their calculations, the release of bitcoin will end in 2045. And the Prime Minister of the State Dmitry Medvedev believes that electronic money can be compared with the Internet companies of the 1990s, which everyone has long forgotten about.

Conclusion

Cryptocurrency in the Russian Federation has come a long way from prohibitive to absolutely liberal measures. But the director of the Center for Economic Research at Synergy University believes that the majority of Russian citizens will be able to get used to bitcoin and other types of electronic money only after 20 years. But this is only possible if the people are allowed to use cryptocurrency without restrictions.