Russia's Opposition to Bitcoin Softening as Government Floats Acceptance

Russia’s previously ironclad resistance to digital currencies is apparently softening up as the country takes tepid steps to accepting such instruments as legitimate. As recently as last year, Russia’s Finance Ministry’s stance on digital currencies could scarcely be more hostile – users were facing jail time or other penalties.

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However, in a bid to help curb illegal transfers and money laundering, Russia’s Finance Ministry is gradually adopting a more accepting stance, according to a recent Bloomberg report. More specifically, Russian authorities could potentially move towards full recognition of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and other digital currencies as legitimate instruments by 2018.

Russia’s central bank is also formulating a joint position together with the government on digital currencies, which could go a long way in solidifying the country’s stance towards their use. The past year has seen bitcoin and other digital currency prices swell as demand has increased.

Despite other countries coming around to their use, Russia had remained steadfastly opposed to Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. According to Russia’s Deputy Finance Minister Alexey Moiseev in a recent interview, “The state needs to know who at every moment of time stands on both sides of the financial chain. If there’s a transaction, the people who facilitate it should understand from whom they bought and to whom they were selling, just like with bank operations.”

Bitcoin has always been seen as a potential vehicle for money laundering or abuse, given the digital currency’s ease of use and lack of transparency. At the present, it is not regulated by any government, however many countries, such as China, have taken steps to help police its use to the best of their abilities.