RUSSIA AND INDIA CONTINUE TO CONSIDER CRYPTOCURRENCIES

NEW YORK (InsideBitcoins) – Financial regulators are skeptical about bitcoin and digital currency as a whole. Due to its decentralized nature and association with anonymity, bitcoin receives guarded acceptance from global governments, at best. But two countries, Russia and India, may be warming up to the idea of bitcoin, if only slightly.
Russia attempts to define ‘surrogate money’
Russia’s stance on bitcoin has been anything but friendly. The Ministry of Finance recently created a draft law to be proposed to the Ministry of Economic Development introducing the term ‘surrogate money’ and how to handle its use.
To the Ministry of Finance, surrogate money is defined as monetary units or property not provided by the government, including bitcoin used as payment or exchange against the ruble. After deliberation, the Ministry of Economic Development rejected the proposed bill, stating that the definition of a surrogate money was too vague.
Tass, a Russian news agency, quoted the Ministry as saying the proposed measures of control would not resolve any identified tasks, but would ‘merely create legal barriers in the way of economic entities’ marketing programs and business activity in general.’