There is a misconception that there is a prohibition on Bitcoin and cryptocurrency in Russia. We hasten to assure: cryptocurrency and Bitcoin are not prohibited in Russia at all. The only problem is the lack of regulatory standards. To date, there is no legislation in the Russian Federation regarding Bitcoin and other digital currencies. That is, digital assets are in the so-called "gray" zone, but there is no prohibition on their use in nature.


Now the Ministry of Finance is preparing a bill. This document will also clarify situation in dealing with digital money. The discussion began in the spring of 2018, but the law was still not passed in the State Duma due to the controversy. Adopt a cryptocurrency bill being prepared in the spring of 2019. But as long as the law on cryptocurrency in Russia was not adopted, there are no restrictions on the use of these assets. But none of the draft laws of the future law prohibits cryptocurrency in Russia. His only goal is to streamline the circulation of cryptocurrency in the country, to make it legal and regulated.


The new law will regulate the legality of Bitcoin and other digital assets in Russia. The law will define basic concepts, for example, such as “mining” and “token”, regulate the release of tokens and their exchange, fix the description of “smart contracts” and the legality of bitcoin and cryptocurrency turnover, establish ICO rules.


Also, in the summer of 2017, the Government of Russia adopted a special program. It is designed for 7 years, until 2024. Its goal is to create conditions for the development of the digital economy in the Russian Federation.