Will Russia Reconsider Bitcoin to Address Impact from MasterCard and Visa withholding Services?

0
65
Will Russia Reconsider Bitcoin to Address Impact from MasterCard and Visa withholding Services?
Will Russia Reconsider Bitcoin to Address Impact from MasterCard and Visa withholding Services?

Will Russia Reconsider Bitcoin to Address Impact from MasterCard and Visa withholding Services?

Economic sanctions against Russia on the part of the US and consequent decision from MasterCard and Visa to stop processing of certain transactions has become a major trouble for some people in the country. However, the unfortunate development is also generating hope for digital currencies and their followers.

If the latest reports are to be believed a large number of digital currency supporters are lobbying for Bitcoin and other similar virtual currencies. To nullify the impact of whatever manner on international transactions by the decision by MasterCard and Visa, the supporters of Bitcoin and other digital currencies are asking the Russian government to reconsider its stand.

Several of the digital currency enthusiasts want to propose Bitcoin, the world’s leading crypto-currency, as a solution to Russia’s monetary problems imposed by the economic sanctions by the US. The Russian government had earlier in January warned digital currency users that it would be counted as money laundering and terrorist financing, and treat it as criminal activity.

Though the stands have been changing a little bit from ruling out Bitcoin out rightly to saying that it is not banned, the government has not yet endorsed a full ban on it. Bitcoin enthusiasts say that regulation, not prohibition is the way forward for Russia given the fact that economic sanctions may have grave impact on its economy.

*relatedarticle**

Russia Has Vibrant Bitcoin Community and Users

As there is no outright ban on Bitcoin, a large number of online and offline shops and hotels across Russia accept the digital currency. In fact, Russia ranks fifth in global users, with 204,502. The other four nations ahead of Russia in terms of users are the US, with 1,133,272 users, China, with 368,004, Germany, with 247,658, and the United Kingdom, with 220,145.

A large number of Bitcoin supporters have come up online over the years and they discuss whatever they feel is good for the digital currency. They are now advocating for recognition of Bitcoin by the Russian government to scuttle any impact of the economic sanctions from the US on Russia to avenge the latter’s decision to intervene in Ukraine.

Though it is premature that there will be any impact of the opinions coming from Bitcoin supporters in Russia, the country is hosting its first Bitcoin conference on April 23, 2014, in Moscow. The event may come up with similar opinions and if some government officials attend it, and if the idea appeals them, they might reconsider Bitcoin.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com