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Minister believes Russia will never legalize bitcoin

November 20, 18:05 UTC+3 MOSCOW

The minister of communications says Russia is unlikely to legalize bitcoin

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©  Artiom Korotaev/TASS

MOSCOW, November 20. /TASS/. Russian Minister of Communications and Mass Media Nikolai Nikiforov believes that Russia is unlikely to legalize bitcoin, he told reporters on Monday.

"Bitcoin is a foreign project for using blockchain technology, the Russian law will never consider bitcoin as a legal entity in the jurisdiction of the Russian Federation. However, I think that it is quite possible to use blockchain technology and the use of various digital tokens," he said.

Earlier in October it was reported that Russia's Communication Ministry has submitted to the government the document containing technical details related to cryptocurrencies adoption.

"We have submitted a draft decree regulating the legal adoption of cryptocurrency," Nikiforov said at the time, adding that the paper focuses on the technical part of blockchain and cryptocurrency.

The Ministry was a certain speculative interest to such foreign instruments as Bitcoin, which in its turn spurs the interest of individuals across Russia. "That is why I think we should go ahead from the technological viewpoint, providing such instruments. It is hardly possible to get anything via restrictions amid digital economic development," the Minister said, adding that the Bank of Russia and the Finance Ministry will have the final word.

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