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Russian Government threatens Bitcoin ban throughout the country

Russian Government threatens Bitcoin ban throughout the country

So far, Russia is one of the most anti-bitcoin countries, considering the fact that they have extensive legislation in place, meant to discourage the use of bitcoin and other cryptocurrencies.

Recent reports indicate that the Russian government is now threatening to ban bitcoin, considering the fact that a total of 6.9% of Russians are using the digital currency. The numbers come from a recent survey, carried out by a Slovakian Internet security company, known by the name of ESET.

The ESET survey was carried out by comparing various payment methods such as credit cards, PayPal, debit cards, payment on delivery and Bitcoin, thanks to which, the company managed to come to the conclusion that at this moment in time, Russians are 4-5 times more likely to use the cryptocurrency as a form of payment when compared to users in other countries, such as Germany, the US and the UK.

The actual boost in bitcoin love, over in Russia, started out in late 2014, when Russians begin tinkering with the idea of using bitcoin, as the value of the ruble collapsed, due to the strong western economic sanctions imposed upon the country.

Currently, the Kremlin is worried that a continuous use of cryptocurrencies will increase criminal activity, such as money laundering, terrorism financing and more. This is why, the government believes that an absolute ban upon the currency will be beneficial for the country. So far, they have been threatening to ban bitcoin for around a year, and it turns out that the regime’s goal is to prohibit Russians from exchanging bitcoin to ruble and vice versa.

Together with this, earlier this year, Russia’s media regulator, has gone ahead and blacklisted a couple of international bitcoin resource websites, such as, the Russian, but also wiki information site and a couple of exchanges. These moves have angered bitcoin users throughout the country, thus sparking a couple of online groups against the government’s move.

In case the Russian government does end up banning the cryptocurrency, it’s important to note that this won’t be the first time that they have done it. In fact, Bitcoin was banned throughout Russia, during the Sochi Olympics that took place in February 2014.

Based on everything that has been outlined so far, what do you think about the measures being taken against the digital currency in Russia? What should be done to stop such measures from being taken in other countries as well? Let us know your thoughts in the comment section below.

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