Russian Minister Says the Country Will Never Legalize the Bitcoin

Russian Minister Says the Country Will Never Legalize the Bitcoin. The bitcoin is growing in value and has been seen by many countries as a viable investment. But Russia has been one of the largest holdouts as the country is not as interested in the currency as many others. Recent announcements from the government suggest that the blockchain technology used by the bitcoin might be viable but that does not mean the coin itself would actually be supported in any way.

In spite of the ongoing growth of the bitcoin as a popular investment solution, the Russian government is still not interested in allowing the bitcoin as something that people could invest in. This is according to a statement from the country’s minister of communications and media.

Nikolai Nikiforov said though the state-owned TASS service that the bitcoin is a foreign entity that uses the blockchain technology system. He states that Russia could consider using the blockchain system at some point in the future. But other than this, the Russian government would not consider the bitcoin to be a legal item in any case.

Nikiforov did not specify how he feels the blockchain technology could be used by the Russian Federation. This comes as there have been rumors that the Russian government might seriously consider producing its own cryptocurrency in the future with the blockchain system as a base.

Could Restrictions Work?

The use of digital tokens was discussed by Nikiforov as a possible solution for handling different digital currency efforts. These include possible options that the Russian government may use although he did not go as far as to discuss this point in time.

The digital economy is a point that the government has been exploring in recent time. This especially comes as the government is looking to potentially do more with general development for getting the blockchain system up and running in many forms. The possibility for the system to evolve and grow over time has been very strong.

Supporting the Blockchain

The recent statements from the Russian government against the bitcoin come amid some mixed messages. An official at the country’s central bank recently stated that initial coin offerings could be used in the country as a means of funding startups. The nation’s Federal Agency for Tourism also stated that the blockchain could help with improving upon the tourism industry within the country.

Also, the Communications Ministry has stated that the country might try to produce regulations on how blockchain technology works within the next two years. This might entail new regulations to help with improving upon how well the blockchain setup works. These might be used with terms that the Russian government might endorse or support for any intention.

The development reveals that there is a real potential for Russia to continue to work with its own currency options. But at this moment, the bitcoin will not be considered a legitimate currency for use in Russia. This is all in spite of the bitcoin having grown in value as it becomes all the more appealing for many investment demands.

Advertisement

Click To Join Our Community Telegram Group