Russian Government and Russia’s Central bank has agreed to treat Bitcoin as Currency.
Russia has unveiled plans to regulate cryptocurrencies reducing the risk of an outright ban.
Estimates suggest that more than 12 million crypto wallets have now been opened up in the country.
Officials fear a lack of regulation which means law enforcement will not be able to respond effectively to offenses and crimes committed through their use.
The government also admitted that a complete ban on the segment of transactions related to its circulation was not possible.