Russia’s Finance Ministry Reconsidering Bitcoin Ban

Russia’s stance on Bitcoin as of recently remained staunchly anti Bitcoin. While regulations surrounding Bitcoin were in place, a proposal for a blanket ban on the use of the currency was also being drafted up by the Ministry of finance. However it comes as a surprise as the ministry made a u turn on the policy as it removed some support for the ban amid concerns it could harm the economy.Russia’s finance ministry

As seen below Russia’s firmly anti crypto stance has softened recently following recent meetings of the central bank. Compared to the previous stance on Bitcoin where users were supposed to be find thousands of dollars and gain criminal records, current views are much more toned down. Worries over terrorism and money laundering among other factors are what has been the fuel to the harsh bills which were being drawn up in an attempt to thwart the rise of Bitcoin users.

The Bitcoin bill is already ready, but we won’t be rushing it, and will most likely change [the bill] along the way. Now, I’m going to hold to hold a series of meetings with experts and once again think about what we need to do….Perhaps, in the view of the development of technology, a frontal ban [of Bitcoin] will not do very well.

–          Moiseev of Russian News Agency TASS

To conclude Bitcoin users in Russia may remain safe and be able to send money back to Nigeria via the medium. However Russia worry that it will have no control over the technology may further the cause of the bank in attempting to ban crypto. Except Bitcoin regulations the digital currency remains the ideal method to remit to African countries such as Nigeria. If you too want to purchase Bitcoin, NairaEX remains Nigeria’s premium exchange delivering Bitcoin or naira within a matter of hours.

Written By

Hi I'm Aleppo Allesadero a experienced bitcoin user and educator. Having worked for over a year in the bitcoin journalism ive seen bitcoin grow from strength to strength asserting its power against fiat currency. Hopefully you too can learn about this exciting new prospect which may help transform the way we see finance and economy on a daily basis.