Russia Likely to Ban Bitcoin Payments, Deputy Finance Minister Says

Alexey Moiseev, the deputy finance minister of Russia, said earlier this week that he expects pending legislation on cryptocurrencies that will feature a ban on payments made in cryptocurrency.

Moiseev previously said that bitcoin should be classified as a kind of asset in Russia and limited to qualified investors.According to the state-backed news source TASS, he told reporters on Monday that “no regulator doubts that payments will be banned.”

That comment aside, further statements from Moiseev on the matter suggest that the question is still open to debate in the State Duma, Russia’s national legislature.

“The discussions will continue. I think that within the framework of these discussions we will decide what we will do with it,” he said, going on to remark:

“In any case, there is a market. It is developing rapidly, and there are certain advantages that could be used. I mean the advantages associated with attracting investments for projects through the ICO. I have a positive attitude to this, but there is another point of view. In order to make a decision, consensus will be necessary.”

Moiseev said that he expects a drawn out process for drafting the bill. However, it is to be completed in October. Given past developments in Russia, the bill could conceivably see further delays. The deputy finance minister indicated that further deliberations in the Duma will decide what ends up in the finalized measure.

“I think we will determine it within a month. I think in October, and then we will discuss it before submitting it,” he said.

Image Credit: ID1974 / Shutterstock.com

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