Bank of Russia changes stance, says it's OK to use Bitcoin

The Bank of Russia now indicates that it's OK to use Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term. This comes months after making statements indicating that it is illegal to do so, saying that individuals may be suspected of engaging in illegal activity. Though less ambiguous than previous statements, they still reflected a lack of conviction to fully and unequivocally ban it outright. Prior to that, the Bank issued stern warnings discouraging its use but did not explicitly prohibit it.

Now, the Bank will instead be keeping an eye on Bitcoin and gathering information. The Bank's first deputy chairman Georgy Luntovsky said Wednesday:

"At this stage we need to watch how the situation develops with these kinds of currencies. These instruments should not be rejected."

The revised ruling may help pave a path towards total clarity on the issue. Russia had been one of the few countries that in some form, indicated Bitcoin use as illegal. There were even conflicting reports of a "criminal investigation" of Bitcoin Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term BTC-e, further highlighting the extent of uncertainty on the matter.

Despite the latest statements, authorities still don't have the greatest opinion of Bitcoin, declaring that it has no value. This, despite the ruble languishing around 5-year lows versus the dollar.