Russia Considers Cryptocurrency Mining Ban

The Russian Finance Ministry could decide to implement a ban on cryptocurrency mining in 2018

New rumors have started circulating which suggest that Russia could soon implement a ban on cryptocurrency mining within the Russian Federation. While regulations regarding the industry are expected to be released next year, the subject has become a topic of widespread speculation.

According to Russian sources who claim knowledge regarding the matter, the Russian Finance Ministry is considering implementing a ban on cryptocurrency mining. This ban is likely to be included in its regulatory policies regarding the cryptocurrency industry, which is expected to be unveiled next year. Earlier this year, Russian president Vladimir Putin issued an order that the expected policies have to be implemented within Russian legislation as early as July 2018.

According to reports, the Alexei Moiseev, the Deputy Minister of Finance, confirmed that penalties for violating cryptocurrency policies will be administrative for the most part. However, the deputy minister warned that the perpetrator would be charged with a criminal punishment in the event of them creating a cryptocurrency to facilitate settlements.

The minister added that any individual or entity involved in issuing cryptocurrency tokens as a method of tax evasion would be subject to criminal punishment. Despite this, buying, selling, and trading cryptocurrency, including the wildly popular Bitcoin, would remain legal under the Ministry’s suggested policies, according to sources.

Moiseev added that the process of creating a legislative and regulatory framework for cryptocurrency in Russia was a particularly slow one, as the industry is rife with concepts and terms, previously unknown to Russian legislature.

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Russia’s stance on cryptocurrency has been widely discussed within the crypto community, especially considering president Putin’s seeming enthusiasm for the industry. President previously hinted that Russia could issue its very own cryptocurrency, and the country has been actively involved in various aspects of innovation relating to the industry.

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