Though Russia’s Finance Ministry is working on legislation to back up the country’s laws against the issuing of currency—including cryptocurrencies such as Bitcoin—without approval by the Central Bank of Russia, the country is unlikely to issue a complete ban on cryptocurrencies according to the Russian Deputy Finance Minister.
“The legislation is ready, but we will not rush it through and it is likely to be altered,” Alexei Moiseev, deputy finance minister recently told reporters. “I now want to hold meetings with experts and once again consider our options. Given the development of technology, any blanket ban is probably not worth implementing.”
Moiseev has said the ministry is working on legislation that would treat Bitcoin the same as foreign currencies and prohibiting its issue on Russian territory. Moiseev said most transactions involving Bitcoins are linked to criminal activities, including extortion, money laundering and terrorism, but he also said that legal transactions should be not be hindered and the new legislation must be written with this in mind.
Virtual currencies are growing in use at online gambling sites. In August, the U.K. Gambling Commission announced that it will allow online gambling companies to accept virtual currency for payment.
