Last week, a set of amendments introduced in the Russian parliament caused a fair amount of FUD (fear, uncertainty and doubt) in the bitcoin community, as it was
misinterpreted as potential bitcoin ban. Russian regulators are of course keeping a close eye on digital currencies, as are their counterparts across the world. However, they have not taken any noteworthy action against the proliferation of digital currencies in Russia.
President of the Russian Electronic Money Association Viktor Dostov told Bloomberg that it is still unclear how Russia would regulate digital currencies. He stated that the only point of control would be an exchange centre where bitcoins would be traded for money. However, we are not sure whether Dostov is advocating the creation of a centralised exchange on a national level, or simply referring to independent bitcoin exchanges. It is a case of lost in translation.
In any case, Gref’s statements should go a long way toward reassuring bitcoin investors and enthusiasts in Russia and CIS member states for that matter.
It is also interesting to note that in a recent interview with CNN, Russian Prime Minister Dmitry Medvedev admitted the country’s economy is slowing down, but pointed out that his government is gradually transforming Russia into a knowledge-based economy and introducing 21st century technology into various industries.
Whether or not Russia is ready to embrace 21st century payment systems and alternative currencies remains to be seen.