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Economic Development Ministry rejects Finance Ministry’s bitcoin ban bill

December 27, 2014, 9:24 UTC+3 MOSCOW
In its comments the Economic Development Ministry argues that the definition of surrogate money is too vague
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MOSCOW, December 27. /TASS/. Russian Economic Development Ministry has rejected the Finance Ministry’s bill banning surrogate money, including bitcoins.

In its comments the Economic Development Ministry argues that the definition of surrogate money is too vague.

“Participants in public debate believe that the proposed definition, interpreted literally, would apply to any other cash equivalents, such as gift cards, retailers’ certificates and various bonuses used for promoting customer loyalty and attract clientele,” the Economic Development Ministry said.

“The proposed measures of control will not resolve the identified tasks, but will merely create legal barriers in the way of economic entities’ marketing programs and business activity in general,” the Economic Ministry believes. It also argues that a number of the draft’s provisions introduce excessive administrative and other restrictions and obligations for economic entities.

The Finance Ministry earlier proposed administrative punishment for using surrogate money, including virtual currencies and bitcoins.

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