Russia’s proposed bitcoin ban will hinder blockchain technology’s development in the Russian Federation, according to German Gref, chairman of the board at Sberbank (Russia’s largest bank by assets) and former Economic Development Minister, speaking at the Skolkovo business school Saturday, according to lenta.ru , a Moscow-based news site. German Gref Gref said blockchain is a new web technology comparable to the Internet that has yet to be born. Banning bitcoin will send progress past the Russian Federation’s limits. Blockchain technology experts will have to move to more user-friendly jurisdictions.
Gref admitted to having a small amount of bitcoin at the Finopolis 2015 conference, a forum for financial innovation in the Russian Federation, according to TASS , the Russian news agency.
“I am one of the victims, I have a small amount of bitcoins,” he said at the Finopolis conference, noting that in recent years this cryptocurrency has seriously devalued. “Only one currency in the world has devalued more that the ruble — bitcoin,” he joked. Ministries Oppose Bitcoin Bill
The Ministry of Justice in Russia has also not agreed to the bill put forth by the Finance Ministry seeking to ban bitcoin and introduce criminal liabilities to those who adopt, transact or mine the cryptocurrency.
The Ministry of Justice has disagreed with the bill despite the bill being the second version of the draft, due to be entered into the State Duma – the lower chamber of the Russian Parliament. The draft bill will still be presented to the State Duma, despite the Ministry of Justice’s opposition.
The Russian Interior Ministry has also weighed in on the matter, calling the cryptocurrencies’ control and supervision under law enforcement’s purview to be a burden and a “distraction.” Bitcoin Ban Has Supporters
Proponents of the ban on bitcoin nonetheless hold sway within the government.
Alexei Moiseey […]
