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Russia mulling legalization of bitcoin

img_0114The Bank of Russia is getting ready to legalize the world’s first mainstream cryptocurrency – Bitcoin – despite the big risks and setbacks the digital money has experienced. The bank’s recognition means it can better regulate it, and even collect tax. According to reports, the bank’s deputy chairman Georgy Luntovsky has said the bank advocates a careful approach to bitcoin and it is monitoring the situation along with the Bank for International Settlements. He is reported to have said one can’t ignore this instrument, maybe this is the future. Luntovsky also said the Central Bank of Russia is studying bitcoins together with the government. The bank deputy chairman’s comments contrast with Russia’s previous stance towards the risky currency, which is often obtained illegally and used for money laundering. In February, Russia’s Prosecutor General’s Office issued a ban against any sort of monetary substitute for the country’s official currency, the ruble.

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