Russia Tries to Turn Back the Clock

Much is being made of recent statements from Russia’s Deputy Finance Minister about legislation being drafted to ban Bitcoin. And there is clearly cause to take note but to note also the windy road the Russian Bitcoin saga has been taking.
Like China, Russia has taken a number of turns for and against digital currencies and it’s almost certain there’s a vigorous debate going on in the corridors of power about whether to ban or regulate digital currencies.
Russia’s Central Bank does a Pirouette
To illustrate the uncertainty surrounding Bitcoin in Russia – the Russian Central Bank did a complete about turn on its statements on Bitcoin earlier this year.
As reported here in July, the head of Russia’s Central Bank announced that the Bank and the Russian government would work together to develop regulations on how digital currencies will work.

This post was published at The Coin Front on September 17, 2014.