Many within Russia’s cryptocurrency community have pointed to clear regulations as the best way for authorities to tackle unlicensed bitcoin trading. Bitcoin Fund founder, Anatoly Knyazev, is reported to have told Russian media that “if in Russia it was possible to legally transfer cryptocurrency into [Rubles]… then… people would not have to use the services of the detainees”.
The criminal case has been described as the Russia’s first to involve bitcoin by Artem Kozlyuk, of public organization Roskomvobodda. Kozlyik is reported to have stated that “previously, Russian courts blocked bitcoin-exchanges and sites where it was possible to transfer the digital currency to ordinary currency, but did not pursue individual people.”
With Russia moving toward developing a strict regulatory regime regarding cryptocurrency, it is likely that the nation will use coercion in order to reduce undesired usage of cryptocurrency.
Do you think that there will likely be an increase in arrests relating to the unlicensed circulation of bitcoin as Russia clarifies its regulatory position regarding cryptocurrency? Share your thoughts in the comments section below!
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