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Russia is against bitcoin ATM’s

A 34 years old businessman has recently installed 2 crypto ATM’s in  the district of Kazan –Russia. The ATM’s allowed purchasing Bitcoin for Rubles.

The Russian authorities were not happy with this, so they issued a warning.

The officials describe the move of putting-crypto ATMs to function could be declared as a crime and it should be reconsidered before the installment goes any further.

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.

Written by Brad Chillum

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