Bitcoin And Russia’s Regulatory Drive: Nothing To Cheer On Today

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Russian authorities recently announced that they aim to ban bitcoin (and cryptocurrencies), only to later backtrack with the message that the industry is going to be strictly regulated instead. Curiously, some prominent Bitcoiners have cheered this development, namely the provision of making bitcoin a recognised currency under Russian law. But as I’ll explain in this piece, there is nothing to cheer for in the proposed regulatory framework.

Surveil, Tax And Prosecute

There has been some back-and-forth between the Central Bank of Russia, Ministry of Finance, and presidential office, the result of which is the latest joint proposal for upcoming regulation (document in Russian language). The other document that the following text is based on is this Tass.ru article citing official sources (the Russian Central Bank and Ministry of Finance).

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