Russian authorities are reportedly planning to abandon efforts to institute criminal penalties for bitcoin users.
The report issued today by Russian news agency Interfax in which it asserts that representatives from the country's Ministry of Finance, central bank and other government bureaus are increasingly supportive of this action.
According to report, representatives from these groups are continuously planning on submitting a report to Russian President Vladimir Putin containing this recommendation sometime in 2016.
The report would end nearly two years of speculation that Russia would seek to actively discourage the use of cryptocurrencies and other "money surrogates" through administrative fines and labor penalties.
As outlined in 2014 and 2015, "legal entities" that introduced their own digital currencies would have faced fines of up to $25,000, while those who distributed the digital assets could have been punishable by correctional labor.
The report states:
"At the same time, the meeting decided that it is necessary to monitor the use of virtual currency and further [analyze] the risks [associated with] using money surrogates for criminal purposes. With this in mind, it can be presented a proposal to amend the regulations if necessary."
The latest statements come amid a softening by the Russian Ministry of Finance, formerly the most aggressive regulator domestically to push for the prohibition.
Very useful information about Bitcoin. This idea will be more useful and easy for citizens.
This is such great news that governments are getting on board with using the bitcoin as a currency in their country and allowing it to blossom. Outstanding news and loved this article.
Woah! Man putin is really a badass president of all the time.
haha! sure is.
I am totally against it. But I think in reality it will hardly work because Bitcoin trade will then go into even deeper underground.
good article, thank you!
Nice Article!
Putin is not a good man
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This is really good decision. Cryptocurrencies like Bitcoin is the future of digital digital world. You can't resist them too much. I support this decision of Mr. Putin.
Btw, great writup.
It's not a good plan of Putin! But thanks for the valuable post!
Thanks!
Great news for bitcoin users !
Putin is not a good man. Nice article
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Good one for all who interested in bitcoin.
Russian Government is always in favor of development. Hope, this decision will be helpful for the people. Thanks for posting this informative news.
Wow! Really he is so good
What a News!! keep it up guys.
great
Great thing that Russians will allow use of Bitcoin!
For you kind information read the article again because they are not going to allow it .. they putting restrictions.
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great news indeed for bitcoin users. it is late but good that it happened.
what a news, thanks
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it is really good news for bitcoin users...
nice.thank you.
Bitcoin News. Great article
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Hot news. Excellent article.
very useful article for bitcon users.
What is going on putin's mind!!!! BTW nice post. Thanks for sharing...:)
Good Job. I Like Your Post. Thank You
is not a good president of all the time.
I don't know what to say about this suspension of penalties of BITCOINS, i don't think that Russia proceeds properly, but will see what will be.
Great news for us.great news for bitcoin user.so thank to shing this post.
Good one for all who interested in bitcoin.Really helpful for bitcoin users.
its a great information
Hello,
There is a nice post about Russian Government is to Abandon Penalties for using Bitcoin.
Thanks
What a News!! keep it up guys.keep it up
Oh! This Article is very helpful all human.
Great informations .Thank you
Good news for bitcoin users.This should be done.Thanks for sharing this important news
That is simply an exclusive fact regarding Bitcoin,Hope they will negotiate with Russian authorities.
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