Bitcoin´s Banned In Russia

Another bad news for Bitcoin owner´s and user´s. Russia did officially ban the use of Bitcoin and created a regulation that names the digital currency a “money substitute”. Here is the official statement that you need to translate with the Google Translator if you can´t read Russian. According to Digital Trends, the paper notes that digital currencies like Bitcoin have been used for money laundering and other criminal activities. Also the “lack of security” and the volatile value of the currency has been mentioned.

The new rule does indicate that it is now basically forbidden in Russia to have a Bitcoin wallet on a mobile device or any computer. Individuals and legal entities shouldn´t use Bitcoin´s anymore. But it´s still questionable if people will respect this rule. TechCrunch writes in a very informative article about the Russian Bitcoin ban: “Yet, telling people to avoid using Bitcoin doesn’t mean that people will stop using Bitcoin overnight. As Bitcoin doesn’t rely on any physical institution but the network of miners around the world, you can’t prevent Russians from using Bitcoin.”. That is an interesting statement but we shouldn´t forget that negative headlines like the latest Russian Bitcoin ban and others have an impact when we talk about trust of the mainstream people. I don´t think that those negative headlines will win new Bitcoin user´s.

2 thoughts on “Bitcoin´s Banned In Russia

    1. Yea that is interesting. It´s also not banned from Germany where I am. Not sure if this will happen? Overall it seems that some countries make slow decisions about Bitcoin and monitor the whole.

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