Russia may reverse ban plans for Bitcoin

    While Russian authorities have been adamant in the banning of Bitcoin in the country, a recent report by Russian news agency Interfax suggests there may now be a change of heart.

    According to the news agency quoting unnamed sources, certain representatives from Russia’s Ministry of Finance, Central Bank and other government bureaus are becoming increasingly supportive of the use of cryptocurrencies.

    It was only in May that the Finance Ministry had planned to submit legislation that would see those who used digital currencies fined as much as $38,000, with jail sentences up to seven years.

    The rationale for the ban on cryptocurrencies was that it facilitated money-laundering and other forms of digital and real world criminal activity.

    The reversal of the ban, if it goes through, would end two years of speculation that Russia would actively discourage the use of cryptocurrencies through fines and labor penalties.