Posted 2 years ago | by Bethany Armstrong

Russia will be unrolling a three-tired law set for cryptocurrency.

Yahoo.com is reporting, "Russians use cryptocurrencies in multiple contexts, including online shopping and as investment opportunities. However, without proper legislation in place, Russian authorities can’t govern how cryptocurrencies move inside the country. This situation has caused public institutions to establish an overall negative attitude towards the use of cryptocurrencies."

Russia has long been a fan and supporter of blockchain technology.

Russia has been slow to embrace cryptocurrency. Cryptocurrency isn't banned, but this new three-tired law system will allow the Russian government to better regulate the use of cryptocurrency.

Cryptocurrency, despite its popularity in Russia, has faced some conflict. The Center Bank of Russia is against cryptocurrency. But other Russian banks think differently. Russian politicians, including Vladimir Putin, disagree with the Central Bank of Russia and believe that cryptocurrency should not be banned, but should be adopted within a set of regulations.

Currently, Russians only need to declare their cryptocurrency on their taxes. This new system, set to unfold on November 1, would allow the Russian government to regulate cryptocurrency beyond tax declaration.