ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Wednesday Dec 13th 2017
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Russia Weighing Ban On Cryptocurrency Mining

By

Adam

Reese

WriterETHNews.com

A ban on virtual currency mining may find its way into Russian legislation that would govern the cryptosphere. New regulations are slated to be unveiled next year.

Sources out of Russia have related that the Finance Ministry proposed adding a ban on the mining of cryptocurrency to forthcoming legislation that would regulate digital assets and other features of the blockchain space. On October 21, President Vladimir Putin issued a press release requesting that such laws be passed by the beginning of July 2018.

A report quotes Deputy Finance Minister Alexei Moiseev as describing the possible ban thusly: "The penalties will be … mostly administrative, but if someone created the cryptocurrency for the purpose of settlements, then there will be a criminal punishment." The official added that actors creating financial pyramids or issuing cryptocurrencies as a way to avoid paying taxes would also be subject to criminal penalties. However, the act of purchasing digital assets, including bitcoin, would remain legal under the proposed updates to the country’s regulatory code.

Moiseev also reportedly revealed that the anticipated legislation will contain so many terms and concepts without precedent in Russian law, that progress in drafting it may prove slow.

Putin, whose statements are often interpreted by Russia-watchers as a bellwether, suggested on October 10 that blockchain technology might offer “new … solutions” to the Federation’s “banking sphere,” but cautioned that the “use of cryptocurrencies also carries serious risks.”

Adam Reese

Adam Reese is a Los Angeles-based writer interested in technology, domestic and international politics, social issues, infrastructure and the arts. Adam is a full-time staff writer for ETHNews and holds value in Ether and BTC.

ETHNews is commited to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Russia, ban or other Ethereum law and legislation news.