The authorities in Russia are planning to legalize the use of Cryptocurrencies, especially Bitcoin by July this year. An earlier official report said that the Russian president himself, Vladimir Putin has set a deadline of July 1 for this legalization procedure to begin in full operation. Read the official report here in Russian Language.
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A different bill entirely is also in the offing as concerning a regulatory oversight of Mining of Bitcoin and other cryptocurrencies in the country. Russia has one of the largest Bitcoin farms established in the country and authorities are concerned about the proliferation of such farms, fearing a break down of a tightly-controlled financial activities of the former soviet union country.
How may price be affected by such news? We have seen in the past when Japan made a similar move to legalize Bitcoin and Russia wanted to regulate it early last year. On the 5th of April 2017, Bitcoin price reacted to this news and price of 1 bitcoin went from about $1,120 to about $1,220 adding $100 to the value of the cryptocurrency and also raising the market capitalization to over a billion dollars that same day after the news was announced. Check a previous publication on this here
Do you think Legalization of cryptocurrencies in a country like Russia can have any significant impact on the global price of Bitcoin and other cryptocurrencies? Let me know your thoughts below