It has been a general observation that, as the country found itself in an economic stagnancy , with harsh economic sanctions , war like situation with Ukraine and western Europe over few years , volatility of Ruble and most importantly oil price crash - The stance of the government towards bitcoin and other cryptocurrencies has softened - so much so that on June 2 2017 , Deputy chief of Bank of Russia stated in a public forum that 'It's Time to Develop National Cryptocurrencies'. Weeks later came an announcement that Russia is planning to implement a state sponsored Bitcoin mining company to rival China in Bitcoin Mining. Russia has lately come to be known as a Cryptocurrency Heaven