Reports: Russia plans on banning Bitcoin, again reversing stance

After effectively removing the prohibition on 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 one month ago, there are rumors circulating that Russia will once again reverse its stance and reinstate its ban of cryptocurrency.

RIA Novosti reports that a draft law from Russia's Finance Ministry proposes that substitutes to the legal currency, such as digital currency, be banned due to their potential for illegal use in the underground economy and money laundering.

The prohibition would include not just the creation or issuing of such currencies, but even dealing in them. Included would be a ban on using virtual currencies as a means to 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 between the ruble and foreign currencies.

The reports come at a time when the Russian Ruble has resumed its decline against USD amid rising tensions with neighboring Ukraine. It last traded at 0.02797 USD and has been trending closer to its 5-year low of 0.027 USD set in early March.