Avid Bitcoin enthusiasts will remember how Russian government officials recently blocked access to several digital currency websites. The reason for that blockade was because these sites spread “sensitive information which is not in accordance with Russian law”. However, that decision was recently overturned by a Russian court, even though most of the websites are still not accessible. And if you thought that was the final chapter of the story, you are sadly mistaken.
Russia To Welcome Bitcoin… Apparently
In a rather shocking turn of events, the Governor of Russia’s Central Bank is rather open-minded towards Bitcoin and digital currency. An official meeting between representatives of the financial community and the Russian Central Bank is scheduled at an unknown date. Even though a decision has to be made on the position of Russia in terms of digital currency, it looks like the decision may turn out in favour of Bitcoin.
Assuming the rumours about the Governor of Russia’s Central Bank are correct, we may see a lower-level of regulation regarding certain Bitcoin activities. While the details of these activities are still up in the air, the most likely candidates include transactions, settlements between users and payments.
Elvira Nabiullina, Governor of the Russian Central Bank, recently told CNBC:
“So far I can’t imagine a situation where bitcoins would be considered a reserve currency, but we are looking at how this market is developing, we are noting certain risks there and we’ve informed the market players that we identify these risks, and because there are many representatives in that particular sector that could be resorted to some dubious operations and transactions.”
Such statements are nothing unusual, as most financial institutions and governments advise consumers to tread carefully when Bitcoin is involved. And this is one of the reasons why we need more education efforts regarding Bitcoin, as this technology allows people to take back financial control. But it also scares off quite a lot of people because they haven’t had this level of responsibility in ages.
There are other factors to take into consideration as well though, such as the Greece debacle in the European Union which is a hot topic right now. Regardless of the outcome of that issue, digital currencies could be directly affected in both a positive or negative manner. As a result, most governments are holding up their “wait and see” approach towards Bitcoin.
Bitcoin Remains Attractive to Consumers
Regardless of what is going on in the rest of the world, Bitcoin remains an attractive alternative payment method to consumers. Not just because it gives them an option to distantiate themselves from the current financial infrastructure, but because Bitcoin offers a certain level of financial freedom that we have all been craving.
“You know the kind of policy we conduct about dubious transactions, but we are watching over the development of this market and see that, for consumers, there are certain attractions in bitcoin’s mobility, expediency, low cost, so this is something, definitely, the market will be welcoming so we will be watching with attention and, if necessary, regulate it.” – Elvira Nabiullina continued.
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