Russia likely to ban bitcoin this year

Russia's Deputy Finance Minister Alexey Moiseev has reportedly said that the country will go ahead to ban bitcoin this year, in a national banking conference.

The Finance Ministry still seems unwavering to forge ahead with its proposed ban, regardless of opposition from the Ministry of Economic Development, which said that such a ban also has effects for non-bitcoin related businesses.

The legitimacy of cryptocurrency use in the country has been in an indeterminate state now for more than a year. Several statements have been made during the period, some suggesting that those using bitcoin can be alleged with illegal activity, others out rightly declared it illegal, while others said  "such instruments should not be rejected".

The country's currency (rouble) dropped to historical lows earlier this year as its economy struggled due to falling oil prices and Western sanctions. For some, bitcoin as a currency would be perceived rather as a convenient safe haven.