Russian regulators warn on Bitcoin ATM installations, may be illegal.
Russian regulators in the state of Tartarstan have issued a strong warning regarding the installation of Bitcoin ATMs, according to the government website. The statement explains that the use of such ATMs may be a crime and businesses should consider this prior to installing them.
The warning comes after two ATMs were installed in local shops in the district of Kazan by a 34 year old businessman. The equipment had been leased and moved into the stores, and was offering Bitcoin for Rubles. The warning also includes details on the Russian government’s stance on cryptocurrencies, even linking the purchase with terrorism. According to the statement:
“Currently, the legal status of crypto-currency in the Russian Federation is not defined. The provision by Russian legal entities of services for exchanging “virtual currencies” for rubles and foreign currency, as well as for goods (work, services) is considered as potential 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.”
The warning follows a general cooling in Russia regarding cryptocurrencies after Putin and other government officials expressed concern and even threatened bans. Nevertheless, the Russian government has laid out plans to issue their own ‘CryptoRuble’.
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Author: Jon Buck