Right in Russia’s capital Moscow, new Bitcoin exchange shop has been opened. It has been said that this Moscow-based currency exchange is the only shop for trading cryptos for cash. Lawyers aware of the business type stated that there is no prohibition of law in this form of service and it appears to be totally authorized.
Cryptocurrencies are yet to receive authorization in Russia, but Russians are aggressively inclining towards them. The new Bitcoin exchange has been just inaugurated nearby to the main railroad station, Kursky Vokzal in Moscow.
In Russia, trade through cryptocurrencies is not permitted as it isn’t declared as a legal tender. However, in Duma, a draft law has been introduced to legalize ICO and mining which is associated with crypto-related activities by Finance Ministry. Moreover, Vyacheslav Volodin, parliament speaker, co-sponsored another bill with an objective to secure the digital rights of investors and regulate the utilization of digital money led by investments. This legislation is expected to be adopted by July.
The use of cryptocurrencies for payment and circulation has split the government institutions. The Ministry of Finance intends to legalize the cryptocurrency trade through the listed exchanges but the idea is opposed by Central Bank. The officials, who consider them surrogates of illegal money, have called for a complete ban on cryptocurrencies. On the other side, cryptocurrency operations such as exchange services aren’t completely prohibited by the present legislation.
Managing partner at a Moscow-based law firm, Vladimir Yurasov said, “In a democratic nation such as Russia, if something isn’t banned, it is ought to be legal. There is no term that prohibits the utilization of Bitcoin in financial transactions by federal legislation. The sale and purchase of the Bitcoin in no way breach civil code.”
As far as there are no chances of a criminal offense, these are free to go through the legal point of view. Russians have the liberty to trade Bitcoin, both through online or from the shop.