Russian Report Reveals Russia’s Growth Party Begins Accepting Bitcoin Donations

The Party of Growth, a center-right party founded in 2009, has begun accepting donations in digital currencies. Previously, the production and use of digital currencies were illegal in Russia. The Party of Growth chose to accept Bitcoin in order to gain a seat in the national legislature. The Party of Growth promised the legislature to reduce the obstacles encountered by blockchain technology in order to further promote the development and acceptance of blockchain technology in Russia.

Translation: Nicole

The Party of Growth , a center-right party founded in 2009 under the name of Legitimacy, has reportedly begun accepting donations in digital currencies, a move that is apparently in light of the Russian government’s complex and long-standing controversial stance on digital currencies such as Bitcoin.

News of the move to accept bitcoin donations came via a report from Interfax and TASS, which included comments from Boris Titov, head of the Growth Party and an advisor to Russian President Vladimir Putin on business and entrepreneurship.

According to Interfax, Titov believes it is necessary to find new sources of funding for the Growth Party, including crowdfunding, and he revealed that the Growth Party will only accept Bitcoin donations from people with verified identities.

TASS provided more details, reporting that the Growth Party is working to increase the acceptance of digital currencies in Russia through donations. According to the state-run news service, the Growth Party promised the legislature to reduce obstacles to blockchain technology in order to further promote the development and acceptance of blockchain technology in Russia.

Boris Titov

“Russia can take advantage of the current difficult economic situation and become a profitable country by embracing blockchain technology,” Titov reportedly said in a press conference (according to Google Translate).

The announcement comes two months before Russia holds parliamentary elections aimed at gaining a seat in the country's legislature.

Currently, the Growth Party has no seats in Russia’s lower house of parliament and only two representatives in Russia’s regional legislatures. Whether the Growth Party can realize its ambition to legislate on digital currencies depends on whether it wins the full name referendum at the end of this year.

As mentioned before, Russia and Bitcoin have a troubled relationship, all because the government has long considered the production and use of the money proxy to be illegal.

Meanwhile, financial firms, as well as Russia’s central bank, have taken steps to explore blockchain applications in the current environment.