According to the report by Tass, Mr Konovalov went on to say that cryptocurrency can be considered “other property” in terms of legislation. But he added that it still isn’t necessary to define the concept of cryptocurrency more clearly. Cryptocurrency’s legal status in Russia has been unclear for some time now. Just last month, a draft law was put forward by the Ministry of Economic Development to allow certain entities from the IT sector and the blockchain industry to utilize digital assets in their financial transactions, giving hope to some businesses.
Never-Ending Gray Area
The Minister of Justice’s position does nothing to clarify Russia’s already ambiguous stance on cryptocurrencies. The country has frequently been unclear on where it stands with Bitcoin and crypto. Last year, the lower house of Russia’s…