Russia poised to legitimize Bitcoin to thwart crooksApril 12, 2017 - 16:06 AMT PanARMENIAN.Net - Russia's existing stance on bitcoin and other digital currencies is... less than welcoming. You could face website bans and prison time just for using it. However, the country is making an about-face on the idea. Deputy Finance Minister Alexey Moiseev tells Bloomberg that Russia hopes to recognize cryptocurrencies in 2018. Officials still have to determine how they will categorize this virtual money (assets? Cash? Securities?) sometime in mid-2017, but it's now more a question of "when" than "if." Of course, this isn't a purely benevolent move -- it's really about cutting back on crime, Engadget said. Moiseev pitches this as a bid to fight money laundering. If Russia knows who's involved in a transaction (as is the case with regular money), it can thwart attempts to disguise crimes by shuttling money abroad. The country has already had success fighting conventional laundering schemes in the past several years, and this would prevent criminals from shifting to digital formats. This recognition isn't necessarily going to do much to thwart criminals who use bitcoin to hold devices for ransom (they're not law-abiding to start with), and it's certainly not going to affect state-backed hackers that regularly deal in cryptocurrencies. Even so, it's a big step forward for both everyday Russians hoping to use digital cash as well as people abroad worried that Russia's policies were letting many criminals go unchecked, Engadget said. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Armenia, Turkey discuss restoration of historic bridge The meeting took place on May 17 in Ashgabat on the sidelines of an international conference of ministers of culture. India wants Armenia’s proposals on use of Chabahar port India is expecting proposals from Armenia regarding the use of Chabahar port in Iran, Indian ambassador says. EU welcomes Armenia-Azerbaijan “progress” The EU has welcomed “progress” made in the framework of the Armenia-Azerbaijan border delimitation process. Belarus opposition leader slams Lukashenko for Karabakh trip Belarusian opposition politician Sviatlana Tsikhanouskaya has harshly criticized the visit of Lukashenko to Karabakh. |