Moiseev previously deemed bitcoin and cryptocurrencies as “surrogate currencies” while stating that the law to ban bitcoin will be passed in 2014, or 2015, at the latest. Such a law has not come to pass.
Navalny has earned a reputation as an anti-corruption lawyer, having launched the Fund to Fight Corruption, according to the campaign website. He is running on an anti-corruption platform that promotes economic inclusion of all Russians rather than the oligarchy and the elites that control the majority of the country’s wealth.
Russian politician/anti-corruption lawyer Alexei Navalny is accepting donations in bitcoin in his newly-announced bid for the 2018 presidential election, according to the candidate’s website. The campaign also accepts Yandex.money, bank cards and PayPal.
Herman Gref, the CEO of Sberbank, Russia’s largest bank, Sberbank, recently revealed in a public forum that he uses bitcoin.
— Leonid Volkov (@leonidvolkov) December 13, 2016
Since the presidential race has not officially begun, the Navalny campaign’s bitcoin account is registered to Leonid Volkov. Navalny belongs to the Progress Party, according to LinkedIn.
In the same year, the Russian Finance Ministry repeatedly attempted to ban bitcoin in the country, going so far as to criminally prosecute adopters or miners of digital currencies in Russia.
The parallel means that bitcoin transactions do not require financial reporting to be submitted to authorities, which, by extension, means transactions of bitcoin cannot be prohibited.
Deputy Finance Minister Alexei Moiseev, who led the charge to ban bitcoin in 2014, stated this year that in view of technological developments, a “frontal ban” of bitcoin will not do well.
Yabloko, a left-of-center party, has embraced cryptocurrency legislation in its parliamentary platform, while the right-of-center Party of Growth sought bitcoin donations in its parliamentary campaign.
Moiseev and the Ministry of Finance proposed a 4-year prison sentence for bitcoin users late last year in an effort to enforce a new amendment to the criminal code. In what could be seen as a move to bring brief respite, the Ministry then proposed a 2-year “corrective labor” sentence – a combination of penal detention and forced labor – for bitcoin adopters.
On Tuesday, Leonid Volkov, head of Navalny’s electoral campaign tweeted that in the first 3.5 hours of his campaign, he received his first million rubles; 15% in bitcoin, 30% from PayPal and 55% from Yandex.
Никогда такого не видел: 3.5 часа, и собрали первый миллион рублей. 55% на Яндекс, 30% на Paypal, 15% (!) биткоинами.
Bitcoin cannot be blocked or banned since its transactions can be deemed as foreign currency transactions under Russian laws. A document by the federal tax authority deems the trading of bitcoin and other digital currencies as foreign currency transactions, according to Russian law.
However, a proposal in March 2016 saw the Ministry turn up its scrutiny further, amending that proposal to seek a 7-year prison term along with massive fines for bitcoin adopters and companies in the country.
Image from Wikimedia.
First revealed by regional publication Coinfox, Navalny’s open acceptance of bitcoin marks another sign of the cryptocurrency’s rising acceptance in Russia, a nation whose government has sent mixed signals about bitcoin’s legal status.
The campaign has received 20 BTC, $156,000 (1 million rubles).
The fervor for banning bitcoin and other “money surrogates” has changed as the year has progressed, with the plan on indefinite hold since October and few or no developments since.
Bitcoin Core Roadmap Unveils Signature Optimization Plan
Bitcoin Core developers released a new technology roadmap today that charts the project's planned transition from its current digital signature algorithm to a more advanced alternative.
Bitcoin Has Grown beyond Volatility Issues
The volatile nature of Bitcoin and other cryptocurrencies has worked both ways. Traders peg their hopes on volatility to make money while those who prefer investing long-term dread the price fall.
Report: Bitcoin Social Media Scams Are On the Rise
The rise in popularity and price of bitcoin has led to greater instances of scams perpetrated through social media, according to a new report.
Released by ZeroFOX, the report categorizes these new
BATS Objects to Bitcoin ETF Ruling, Plans to Appeal Decision
BATS Global Markets, a global stock market exchange based in the US, plans to appeal the March 11 decision of the Securities Exchange Commission to turn down the approval of the Winklevoss twins’
Blockchain is Overhyped and Not Quite Applicable: VC Andrew Parker
Andrew Parker, a partner at Spark Capital, a New York-based venture capital firm which transformed various early-stage startups including Twitter, Tumblr, Stack Exchange and Foursquare into
Forking is Easy, Maintaining Bitcoin Unlimited is Hard: Andreas Antonopoulos
Bitcoin and security expert Andreas Antonopoulos noted that the execution of a hard fork solution like Bitcoin Unlimited isn’t necessarily the difficult stage of development. The challenging task is
Canadian Regulator: Blockchain & Fintech Needs Open Data Access for Development
Canada’s largest securities regulator has stated that open access to data is fundamental to developing fintech solutions like blockchain technology, in a white paper, reports Reuters.
(+) Investment Recommendations: March 23rd
Bitcoin, Daily Chart
The long-term picture is still clearly positive for the most popular cryptocurrency, despite the recent volatile correction. The major trend channel is still in play, with