Russia had always had a staunch stand that they will never legalise Bitcoins within its economy. Representatives from Central Bank have said that it is a pyramid scheme and oppose a system that will take away the control from banks.
With regulations sweeping across Asia, the effects are seen instantaneously. A bucket-load of FUD were sold off when a number of large news agencies reported ban of cryptocurrency in South Korea.
Now the MInistry of Finance has drafted a bill to legalise cryptocurrency trading on organised trading platform. The Finance Ministry supports legalisation of cryptocurrency on official exchanges.
President Putin also supports legalisation but have told the local media,
If we regulate, but not efficiently enough, then the government will be responsible for the difficult situations that people can get into. Right now it is the responsibility of the person himself and the government can only say ‘you can do this but you can’t do that,’ and if it’s still not clear then there will be some problems that need to be solved.
This moves can only be seen as a protective step towards ensuring that the citizens aren’t at loss and suffer due to a sentimental market value. It is safeguarding citizens from making risky financial decisions.