Russia to Treat Bitcoin as Foreign Currency

Depending on how soon all involved parties can come to an agreement, the law proposal will be submitted to the Duma by the end of 2016.
The status of Bitcoin in Russia has been up in the air for quite some time now. There only seems to be two courses of action: either Bitcoin would be banned, or it would be allowed. But perhaps there is a third option on the table, as authorities want to label Bitcoin as ‘foreign currency’.
Russia Still Tangoes With Bitcoin
Putting Bitcoin on the same level as foreign currency in Russia would have some interesting consequences. Using Bitcoin in the country will remain prohibited, but users can buy Bitcoin in Russia through exchange platforms. Additionally, they can use this purchased cryptocurrency to spend it in different countries around the world.
The concept of Bitcoin has been a thorn in the eye of Russian authorities for quite some time now. Since cryptocurrency can’t be controlled by a government or any bank, they feel it is a way for criminals to conduct illegal activity. But it looks like a mind shift is taking place, which has a favorable outcome for Bitcoin enthusiasts in Russia.

This post was published at NewsBTC

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