Russian Communications and Mass Media minister Nikolay Nikiforov claimed last week that the government will never legalize the virtual currencies as a means of payment.
The statement comes one month after his ministry submitted a proposal of regulating cryptocurrencies or the new cryptocurrency regulation bill in the country, so the country is trending the path cautiously.
The announcement comes in the wake of many people working on crypto projects in the country. For instance, there is an upcoming European fund called Blackmoon Crypto being worked by billionaires Aleksandr Frolov and Aleksandr Abramov who are hoping for softer deals.
There have been reports that many Chinese and European companies have applied to The Russian Association of Blockchain and Cryptocurrency.
Russia is also working on its own e-currency, CryptoRuble which is only be recognized in the Russian market. Revenues from ICO dealings in Russia were more than $300million.
However, the deputy finance minister said that people could allow to buy and sell on licensed sites. If they are qualify investors. So Russia has not talked about banning cryptocurrencies yet. It is now possible that will not ban cryptocurrencies. Since it was working on an “official” one of its own. Probably explaining why it has walked divided along that line.
Some reports also indicate that the crypto mining industry would be on tax.
German Gref, head of Russian state bank Sberbank says earlier this month, the acceptance of cryptocurrencies by masses cannot ignore.