Russia has been known for its regulation on Bitcoin and various other cryptopcoins. Corporations and individuals alike were persecuted and punished with fines as high as $25,000 or forced labor. This persecutive attitude has taken a turn for the better as Russia aim to put off criminal convictions regarding the use and transmission of Bitcoin.
Cryptocurrencies and Bitcoin are regulated for a variety of reasons including to regulate the economy and give further strength to the fiat currency in that respective country. However Russia’s particular regulations on Bitcoin remained controversial and the current decision comes as a surprise to many considering political sentiment.
“At the same time, the meeting decided that it is necessary to monitor the use of virtual currency and further [analyze] the risks [associated with] using money surrogates for criminal purposes. With this in mind, it can be presented a proposal to amend the regulations if necessary.”
From the document to be presented Vladimir Putin
Russia was one of the toughest countries when it came to Bitcoin and crypto regulation. Effectively making it illegal or restricting its uses, Bitcoin users were effectively left in limbo. However after years of negotiations, the government’s decision to show leniency will allow the trade to grow and develop. Finance ministers also explored options of regulating various types of crypto but the blockchain seems to be the main focus currently.
To conclude, Russians can now trade Bitcoin in peace void of persecution from Putins government. Able to send remittances back to Nigeria, using the leading exchange NairaEX, Russians can get the best rates for their families back home. NairaEX aims to send out your Naira within a matter of hours making sure you receive the market premium. Head on over to the exchange and you can create your account within a matter of minutes!