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Crypto Mining in Russia Illegal, Owning Bitcoin Allowed

State Duma official clarified that crypto mining and other activities are illegitimate in Russia, but owning Bitcoin is allowed under certain conditions.

Cryptocurrency mining is illegal in Russia, said Head of State Duma Committee on the Financial Market Anatoly Aksakov as quoted in a recent report.

Aksakov shed some light on the legality of cryptocurrencies in the country, citing mining and other crypto-related activities as illegitimate:

“I note that actions with cryptocurrency that are contrary to the Russian legislation will be considered illegitimate. This means that mining, organizing issuance, circulation, creating exchange points for these tools will be prohibited.”

Other than mining for Bitcoin and other cryptocurrencies, he said that anyone who buy or sell digital assets other than the state-backed Crypto-Ruble through a Russian exchange or point of sale will be fined.

“Administrative liability in the form of a fine will be incurred for such actions. We believe that cryptocurrencies created on open blockchains such as Bitcoin, Etheres, and others are illegitimate tools.”

Interestingly, Aksakov also said owning Bitcoin (BTC) is allowed, provided it was legally acquired through a foreign exchange or point of sale.

Meanwhile, the State Duma official believes the On Digital Financial Assets crypto bill will be signed into law this month. The Russian parliament approved the said bill in May 2018 but was delayed because of necessary modifications like the inclusion and definition of cryptocurrency terms.

| RELATED: Rakuten Coin to Enter Russian Crypto Sphere in 2019

Image from Wikimedia Commons

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