Russia Reconsidering Bitcoin Ban in 2015
Times are tough in Russia. The Ruble has lost about 50% of its value versus the dollar. The West is levying economic sanctions against them for their military actions in the Ukraine. And the Russian Ministry of Finance earlier this year drafted a bill to ban Bitcoin and other "quasi-money" in 2015. Also read: Indicators Show Russians Trading Rubles for BTC. Russia reconsidering Bitcoin? Could Bitcoin make it back into Russia? The latest news is that the draft law is in need of major revision as the Russian Ministry of Economic Development has not approved the draft in its current form.....
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Russia and bitcoin have not exactly been on good terms. The country showed a particularly strict attitude towards the digital currency and was looking to enforce a ban that would threaten any users with heavy fines and other forms of punishment should they engage in the "pleasures of bitcoin." It appears that while on the playground, Russia had primary control over the sandbox. However, now that sandbox is possibly up for grabs. Following the Ruble's massive drop in value, the country seems to be reconsidering its approach to bitcoin and digital currencies, and the ban it was once aiming....
In the article "Why The Bitcoin Price Drop Is Really Good News" I mentioned the upcoming issues on the horizon for the U. S. Dollar. Many nations are trading internationally without it now, and these "bilateral trade agreements" are on the rise. Growing global disinterest in the dollar will only increase the need for monetary alternatives that can be easily sent globally, like Bitcoin. Now, news is breaking out of Russia that they may be ready to end their time using the U. S. Dollar as Russia can move from the US Dollar much sooner than we thought. Also read: Russia Plans Bitcoin Ban by....
Zillow CEO Spencer Rascoff, like many other executives, has been skeptical on the topic of bitcoin (and likely digital currency as a whole), but his opinion may be changing. Why? Because he's not just watching the game from the sidelines. He's stepped into the field. A tweet published to his 20,000+ followers Monday read: Thx to @brian_armstrong for the @coinbase tutorial. I'm reconsidering my skepticism on Bitcoin. cc @SaraEisen. Rascoff, who also serves as a director for TripAdvisor, followed up with yet another tweet on the topic on Tuesday morning, noting he's managed to purchase....
The Russian Bitcoin Ban is still incoming, so it seems. Russian telecom regulator Roskomnadzor has finally acted on a court order from 2014. Russia is currently blocking access to several (seven at last count) Bitcoin-related sites. These websites have been blocked because Bitcoin contributes to the growth of the shadow economy." Some feel that this is just a warm-up for the upcoming Russian Bitcoin ban. Last year, Russia's Ministry of Finance revealed a full draft of their proposed Russian Bitcoin Ban legislation. Russia's stated goal has been to ban Bitcoin by 2015, despite some....
It is impossible to stop the Bitcoin movement, that much has become evident. Excluding Bitcoin from Russia would do more harm than good in the long run. Russia has always had an unusual relationship with Bitcoin and cryptocurrency. It has been unclear how the situation will evolve for quite some time now. A new statement by the Bank of Russia hints at no further action being taken against the usage of Bitcoin. Another positive sign for Bitcoin on a global scale, although this does not mean cryptocurrency is legal in Russia all of a sudden. People have to keep in mind this statement does....