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Homepage / News November 22, 2017 265 views

Bitcoin ATMs Prompt Audit From Prosecutor’s Office of Russian Republic

Bitcoin ATMs Prompt Audit From Prosecutor’s Workplace of Russian Republic

Bitcoin ATMs Prompt Audit From Prosecutor's Office of Russian Republic


In Tatarstan, a republic of the Russian Federation, the prosecutor’s office has “warned [a] businessman against violation of the law in connection with [his] installation of terminals for the exchange of cryptocurrencies.” The cryptocurrency ATMs in question had been installed in Kazan, the republic’s capital.

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At the Start of the Month, Russian Media Reported That Bitcoin ATMs Had Been Installed in Two Places in Kazan

Bitcoin ATMs Prompt Audit From Prosecutor's Office of Russian RepublicThe installation of the ATM’s prompted investigations into the terminals on the part of local authorities. The prosecutor’s workplace of Tatarstan has revealed many determinations that the institution has created relating to the bitcoin ATMs, like that the terminals are owned by a “34-year-old local businessman,” and that the terminals “were installed by a organization registered in Ufa, Republic of Bashkortostan.” Officials added that the investigations into the terminals are still ongoing.

The prosecutor’s office stated: “During the audit, the prosecutor’s office announced to the businessman an official warning about the inadmissibility of violation of the law. Simultaneously, the data was sent to the Office of the Federal Tax Service for the Republic of Tatarstan to conduct a check for attainable 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.”

Neighborhood Authorities Are Still Investigating the ATMs

Bitcoin ATMs Prompt Audit From Prosecutor's Office of Russian RepublicRegardless of the Tatarstan prosecutor’s workplace warning the owner of the cryptocurrency terminals, the office stated that “the legal status of cryptocurrency in the Russian Federation is not defined.” The workplace did, however, state that “the provision by Russian legal entities of services for exchanging “virtual currencies” for rubles and foreign currency, as well as for goods (perform, solutions) is deemed as prospective involvement in the implementation of questionable transactions in accordance with the legislation on combating the legalization (laundering) of proceeds from crime, and the financing of terrorism.”

In current days, Russia’s Minister of Communications and Mass Media, Nikolai Nikiforov, expressed his belief that “Russian law will never think about bitcoin as a legal entity in the jurisdiction of the Russian Federation.” In spite of such, it is anticipated that Russia’s upcoming cryptocurrency regulations will be permissive toward bitcoin and cryptocurrency mining. Russia’s deputy finance minister, Alexei Moiseev, lately stated that the country’s cryptocurrency bill “should be formulated by February 1 in the framework of the president’s mandate.”

What do you make of the Tatarstan prosecutor’s workplace response to the installation of bitcoin ATM’s in the republic’s capital? Share your thoughts in the comments section beneath!

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Published at Wed, 22 Nov 2017 02:57:42 +0000