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In Russia it might become legal to hold bitcoin but illegal to mine

June 10, 2019 | Cryptocurrency

A representative of Russia's The Duma (parliament) may have revealed the state's intentions regarding cryptocurrency, inadvertently.  Per which owning and holding bitcoin seems a legal possibility whereas mining it isn’t.

The revelation came from Anatoly Aksakov, Chairman of the State Duma Committee Financial Markets during the St. Petersburg International Economic Forum. He told the press during an event that, cryptocurrency related actions as per the Russian legislation “will be considered illegitimate.”These actions include mining, circulation, organizing production, creating exchanges.

He further added that such actions will be liable to fine but these proposals are applicable only to the open blockchains (eg - Ethereum and Bitcoin) and state-backed crypto- Ruble will be exempt of this.

His comments take an interesting turn when he stressed that owning bitcoin will be allowed in Russia, as long as it's acquired from foreign points under foreign law, as Russia won’t allow exchanges and mining it.

Aksakov also stated his belief in technologies such as Lightning Network due to their contribution in improving the transaction speed.

Albeit many delays in passing the resolution, Aksakov assured that by the end of this spring in the month of June, they will be able to pass it. As Putin has already set the deadline to pass the resolution till the month of July last February.

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