May 31, 2016

Russia wants to outlaw Bitcoin and make their own digital currency

Paul Livadniy, deputy director of the Rosfinmonitoring, Russia’s federal anti-money laundering agency, said that Russia was moving ahead with a plan to create a government-sponsored and monitored digital currency.

In essence the government in Russia want to outlaw Bitcoin and make their own digital currency, which is not very popular with any of the digital companies and individuals that use Bitcoin. The main problem with the Russian Bitcoin would be that before you deal in them you would have to register with the government, so they can follow and see exactly what trades and deals you are doing, along with of course possibly using them for online gambling.

Only a handful of countries, including Bangladesh and Bolivia, have banned its citizens from using bitcoin. Were it to pass such a law, Russia would create by far the largest population legally prohibited from the technology. It’s far from clear, however, how the Russian government could expect to enforce such a law.

There have been other countries that have attempted to create their own digital currency but none have been successful and Bitcoin still rules the digital world.

No comments:

Post a Comment