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Homepage / News November 21, 2017 348 views

Bitcoin ATM Installations Draw Warning from Russian Prosecutors

Bitcoin ATM Installations Draw Warning from Russian Prosecutors

Prosecutors in the Russian state of Tatarstan have issued a warning to a nearby businessman about two bitcoin ATMs.

In a statement from Nov. 16, the Prosecutor’s Office of the Republic of Tatarstan referenced cryptocurrency kiosks that had been installed in two areas in Kazan, the capital city of Tatarstan.

The office’s investigation seems to have been sparked by neighborhood media reports. Despite the fact that the connection isn’t clear at this time, a Nov. three write-up from Enterprise Gazeta&nbspand a photo from state-owned media source TASS dated Nov. 5 each reference a current installation in Kazan at a nearby grocery store.

The reports triggered an audit of the bitcoin ATMs, which are said to be installed by a firm primarily based in the Russian state of&nbspBashkortostan and then leased to an unnamed 34-year-old businessman.

Officials mentioned in a translated statement:

“During the audit, the prosecutor’s office announced to the businessman an official warning about the inadmissibility of violation of the law. Simultaneously, the info was sent to the Office of the Federal Tax Service for the Republic of Tatarstan to conduct a verify for feasible violation of money discipline and other violations of tax legislation, as nicely as to the prosecutor’s workplace in Ufa[…]to assess the legality of the activities of the tenant.”

Officials for the workplace in Tatarstan added that the investigation is ongoing.

The scrutiny over the ATMs is probably unsurprising, given that authorities in other parts of the world have conducted related investigations – often ending with the closure of these kiosks – in the past. In addition, regulatory uncertainty persists about cryptocurrencies in Russia itself.

Editor’s Note:&nbspSome of the statements in this report have been translated from Russian.&nbsp

Bitcoin ATM receipt image via Shutterstock

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Published at Mon, 20 Nov 2017 22:45:02 +0000