Not long ago, we have discussed about some of the countries that have banned digital currencies like Bitcoin, and Russia was among the list. Regardless of the fact that Bitcoin trading is sprouting there, the law says that any currency other than the country’s traditional one and the internationally accepted ones are illegal within the borders of Russia.
However, the Russian President Vladimir Putin has just made his first remarks on digital currencies. He went ahead and told the nation that while the digital currency technology may be difficult to adopt, it cannot be dismissed completely. Apart from praising Russia’s national bank for banning digital currencies immediately, Putin has outlined a couple of issues that Bitcoin has, including the idea that it is backed by nothing. While this is true, Bitcoin has proven itself to be influenced by certain international events, but to be a stable currency overall, which is great news!
While most may think that Putin only bashed digital currencies, many others believe that this represents the first step towards Bitcoin legality in Russia, as the country finally acknowledged their existence and carried an open discussion about them with the public. There have been different petitions circulating around Russia, most of which were asking the government to rethink their position on Bitcoin legality and to understand that the financial phenomena isn’t too big to actually affect traditional currencies at this moment in time.
Yes, there are still questions about how people will use Bitcoin, as we are all well aware of the fact that it can be used for illegal activities as well, but if it is well regulated, Bitcoin could live in Russia as well without encountering any problems.
Let’s hope that the conversation will escalate further ahead and bring in a formal decision on the draft bill that would make the use of digital currencies legal from all the points of view, just as they are in most other countries. For this to happen, we will still have to wait for a while, as the bill is still a draft at this moment in time.
Based on everything that has been outlined so far, what do you think about the ban that the National Bank of Russia has imposed on digital currencies? Do you believe that in the end, that Bitcoin and other cryptocurrencies will be declared as legal? Please let us know your thoughts regarding this matter in the comment section below.