Russia To Make Decision On Bitcoin And Cryptocurrency Law

Russian authorities plan to discuss the legislative status of Bitcoin and cryptocurrencies on December 15, 2016.

The working group of cryptocurrency risk assessments will offer two concepts of the cryptocurrency bill development to the government, said the head of the working group, Elina Sidorenko, during her speech at the Blockchain & Bitcoin Conference Russia in Moscow on November 10. 

She stated:

"Russia may become the first country in the world to determine the legal status of cryptocurrency in the national legislation [applied to all regions and federal subjects of the country]."

Elina Sidorenko said that there are two concepts for the future bill. The first concept suggests making the amendments to existing legislation, which will add chapters and articles of law for both mining and using cryptocurrencies in Russia. The other concept suggests creating a new law covering cryptocurrencies. It will be similar to the regulations of the Internet in Russia and should define rules for cryptocurrency markets and their participants.

Elina Sidorenko said: 

"The ministries of the Russian Federation are taking a step away from the penalty paradigm against cryptocurrencies."