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According to Tbad's report, Mr Konovalov added that cryptocurrency can be considered as "another property" from the point of view of legislation. But he added that there was still no need to define more clearly the concept of cryptocurrency. The legal status of cryptocurrencies in Russia has not been clear for some time. Last month, the Ministry of Economic Development introduced a bill allowing certain entities in the information technology sector and the blockchain sector to use digital badets in their financial transactions, thus giving 39 hope to some companies.
Endless gray zone
The position of the Minister of Justice does nothing to clarify Russia's already ambiguous position on cryptocurrencies. The country has often been difficult to know where it is with Bitcoin and crypto. Last year, the lower house of the Russian parliament postponed the second reading of a long-awaited bill aimed at regulating cryptocurrencies in the country. The Russian Central Bank and the Ministry of Economic Development have been arguing over the degree of regulation of the new technology.
Last month, Prime Minister Dmitry Medvedev expressed his interest in digital badets when he said at a high-level economic conference that there was no reason for them. "bury" and that they had both "bright and dark sides". At least 51 Bitcoin ATMs operate in Russia, although the legislation does not yet determine the legal status of cryptocurrencies. A recent survey showed that the use of cryptocurrencies to buy goods on the Internet is gaining popularity in the country.
What is obvious is that until now, the authorities of the Russian Federation have not yet decided what to do with crypto-currencies, leaving them languishing in a gray area.
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