While Russians are known for their good quality Vodka and bravery then what about their bitcoin regulations?
We are all familiar with the statements of Russian president Vladimir Putin, regards his opinion on the latest North Korea tensions but how many of you have heard Russian officials talking about their blockchain regulation plans? As a matter of fact, you can see blockchain and bitcoin-related actions taking place on different scopes in the country. Latest bitcoin-related news was coming from the fact of catching a few bitcoin traders who operated without a license while exchanging in the excess of hundreds of millions U.S. Dollars worth of BTC! While this may seem like a negative then, in reality, it should not be their official mindset on the blockchain since Russian government has talked about creating "green energy" backed cryptocurrency as well as regulating digital currencies in the coming year.
Bitcoin Regulations in Russia
Bitcoin is currently unregulated in Russia and businesses are not allowed to legally accept it but officials have made a fair share of research into the possibilities of blockchain and were as far as passing a regulative bill earlier this summer which, unfortunately, got delayed due to some concerns that arose with the arrest of a Russian nationality admin of one of the largest unregulated bitcoin exchanges online, BTC-e.
It is yet to be decided whether bitcoin is going to be seen as a currency or an asset but from the chatter one would believe that latter is going to be a more likely legal regulation for this region. Stay strong our Russian comrades, bitcoin is coming soon!
Russian Bitcoin Exchanges
If you are looking to acquire some bitcoin in Russia then your best bet is to use one of the Peer-to-Peer exchange platforms such as LocalBitcoins or Paxful but keep in mind that you should never trade with users who have negative feedback, choose a seller who has a reputation to back him up and you will never have to worry about not receiving what you are purchasing. These sites come with an integrated escrow features to secure the buyers and sellers from the malevolent users but it is still quite a hassle to deal with the situation if you should stumble upon one and thus sticking to the reputable sellers is your best option for no headache!
While there are no regulated Russian bitcoin exchanges then there are some which allow you to buy digital currencies still. One of the best examples is BTC-e, then there are CoinMAMA and VirWox.
Online Gambling in Russia
Gambling is not that well accepted in Russia, 2002 marks the year when gambling in the country was restricted to 4 specially designated regions and in 2009 regulation was taken a step further by online gambling getting fully restricted but the ban was set on the internet service providers who are not allowed to host casino sites.
Many casino operators stopped offering services to the Russian citizen's posts that ban but as odd as it seems then the ones who didn't are still doing so today without government seizing or blocking any of the financial channels.
Bitcoin gambling is a good way to go about your adrenaline needs thanks to the anonymity that this digital currency provides. Check out our bitcoin casino reviews to find the best house for you!Filed under: Bitcoin, BTC, Russia, Exchanges, Regulations, Online, Gambling, Europe, Legal, Rules, Blockchain, Technology