Regulation & ComplianceRussian ban on bitcoin lifted

Russian ban on bitcoin lifted

Last week, Russian courts overturned a ruling about blocking sites with information about digital currencies after plans to ban bitcoin operations.

Last week, Russian courts overturned a ruling about blocking sites with information about digital currencies after plans to ban bitcoin operations.

Russian telecommunications regulator Roskomnadzor banned access to bitcoin payment systems in January this year by ordering internet service providers to restrict access to certain sites such as Bitcoin.org, Coinspot.ru and BTCSec.com, according to Gigaom.

Prior to this, in August 2014 Alexei Moiseev, Russian minister of finance, announced proposals to ban issuing bitcoin and any operation related to cryptocurrency, effective of spring 2015. This led to many Russian bitcoin and digital currency companies excluding their country’s markets from their business operations.

However, the recent court decision which means that the bitcoin ban has now been revoked, will allow the currency to gain further recognition in other countries, according to Bitcoin Magazine.

Bitcoin Magazine spoke to the owner of BTCSec.com Ivan Tikhonov, who says that the blocks were cancelled because it clearly violates Russian laws. He also sees this as an opportunity for entrepreneurs as they can optimise their business with the use of this technology. “Now there is a chance that people will be able to obtain objective information. We will be able to legally work these technologies,” Tikhonov said.

Reports suggest that the general Russian perception of bitcoin is negative and Tikhonov remarked that those who do not know about the currency will refer to it as fraudulent. “There are those who are well aware of what is Bitcoin and refer to it well. Those who do not know consider it a pyramid or a Ponzi scheme,” Tikhonov said.

Despite the negative views about bitcoin, the recent court decision implies that bitcoin is safe and will encourage businesses to use it, without fear of violating laws, according to Bitcoin Magazine.

Over the past few months, businesses and governments around the world have been increasingly becoming interested in bitcoin, but unlike Russia, many are yet to take an official stance on the digital currency.

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