No Bitcoin for Russians. Welcome 'Bitruble'
However, before the country moves any further with the plans, they want to outlaw Bitcoin in order to introduce its own digital currency. The idea is not very popular with all of the digital companies and individuals using the Bitcoin currency. The main problem that the Russian digital currency will face is the procedure of acquiring the currency. Before you can deal with the ‘Bitruble’ you will have to register with the government. As a result the government will be able to monitor all of the transactions, trades and deals you perform. It will be possible to use Russian digital currency in a gambling industry.
There is only a handful of countries, which decided to ban its citizens from using Bitocoins. In this small group you can find such countries as Bangladesh and Bolivia. If the Russian government passes the act, Russian citizens will be by far the biggest group of people legally banned from using the technology. The question is however, how Russian government is planning to enforce such a law.
Prior to Russia there have been a few countries that attempted to create their own digital currency, but none of them was able to achieve that task and as a result Bitcoin still rules the digital world.
One of the countries that tried to introduce such currency was China. In 2014, as Xinhua reports, the PBOC completed a team of specialists to examine the possibility of establishing a digital currency and particularly to study experiences in China and abroad. “Two years later, the team has made progress on technology, legal issues, and the impact on financial systems” informs Xinhua. Yet despite the progress, China is still a log way from rolling their own digital currency. Basing on that fact, we can expect that Russian currency will appear no sooner than 2020, or even never.
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