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Russia In Favor of Crypto

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Written by   41
3 months ago

I thought there was some sort of deja vu when reading news about Russia banning Bitcoin a month ago. The news was similar to this:

May 23rd, 2020: "Russia Proposes Law That Criminalizes Buying Bitcoin With Cash, Offenders Face 7 Years in Jail"

I don't have the best memory but I was sure I've read this before. So I began digging and found this:

April 29th, 2016: "Russia is considering legislation that would send bitcoin users to jail for up to 7 years"

The same legislation to ban Bitcoin has been proposed exactly 4 years ago! Even the fines are similar.

The result was that it didn't pass then and it was around a time when Bitcoin was testing its engines for the bull run that ended in December 2017 with the price reaching $20,000.

"People who currently own cryptocurrencies will be forced to get rid of them before the law comes into force or risk ‘going underground.’ Goals that will be achieved this way are the direct opposite of what’s being declared. In general, the idea of ​​dropping a crypto ‘Iron Curtain,’ in my opinion, does not contribute to the development of businesses or Russia’s interaction with the world economy on a digital level." Dmitry Kirillov, senior tax lawyer

I highly doubt that any law against the use of Bitcoin and other cryptocurrencies will be passed by the Russian State Duma. In fact, what I see is a U-turn and either Russia will regulate in favor of cryptocurrencies, along with enforcing stricter KYC/AML regulations, or they will just not proceed with the proposed law to totally ban the use of cryptocurrencies.

The Russian government understands that banning a technology will not favor the Russian economy in the long term and such a strategy would mean totally blocking the Russian citizens from the future digital era of finances. Such a decision is not something to be taken lightly.

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Reposted on Uptrennd and Publish0x

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Written by   41
3 months ago
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