Bitcoin News Mash-Up: Russia Restricts Bitcoin; Australia, Germany Embrace It

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Bitcoin News Mash-Up

Following are the major Bitcoin news of the day

Russian Government Bans Cryptocurrency Trading
Complying with an earlier-proposed bill, the Russian lawmakers decided to ban Bitcoin and likewise cryptocurrencies. Effective now, the new law restricts people from using and creating digital currencies within the Russian territory. It further speaks of imposing heavy fines on people who are found to be involved in creating and trading any kind of cryptocurrency. They include everybody from miners to service providers. The aforementioned fines range from 30,000 to 1 million Rubles.

Australian University Starts Accepting Bitcoin for Entrepreneurship Program
As per a report published on Business Insider Australia, one of the continent’s most versatile universities, Flinders University will become the first educational institution in Australia to accept Bitcoin. While the cryptocurrency is not yet a legitimate option to pay for tuition fees of most of the subjects, but is yet on its pilot implementation for Venture Dorm, a twelve-week entrepreneurship program. The program will be led by New Venture Institute, an organization that hosts the Australia’s most influential entrepreneurship programs.

Germany E-Commerce Platform Starts Accepting Bitcoin
One more name was recently added to the growing list of Bitcoin-accepting retailers. Recently, German-based e-commerce platform PlentyMarkets, having over 3,500 stores all over the country, announced to accept the cryptocurrency as one of the payment methods. The company also hired BitPay as its official Bitcoin payment processor. PlentyMarkets CEO Mr. Jan Griesel said:

“We are very pleased to welcome BitPay as one of our new partners. Since more and more of our customers are selling their products in other countries and are looking for a reliable and quick payment method, we think bitcoin is a very attractive alternative to other established payment methods.”

Australian Senate to Discuss Regulatory Framework for Bitcoin
The Australian Senate Economics References Committee announced this week to conduct an investigation into Bitcoin and other digital currencies to better understand its implications. The report will then be submitted to parliament in March 2015, which will be further used to design the regulatory framework for the digital currency-related activities.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com