It’s no secret lately that Russia hasn’t been a big fan of Bitcoin.
After taking a confrontational approach to it, they seemed to have started backing off. They then started putting more pressure on Bitcoin. And now it seems like they’re backing off yet again.
The Russian government is working on a bill which would impose fines upon those who “disseminate money substitutes” – including Bitcoin. And while the bill seems to be going forward, the fines have been decreased.
Where originally the fine was 60,000 rubles (about $1292 USD), it has been lowered to 50,000 (about $1077).
Some Bitcoiners may see parallels between Russia’s behaviour and China’s over the last year. To this day, the Chinese government’s official position on Bitcoin is unclear, and Russia’s flip-flopping feels similar.
What Bitcoin Needs
In his reddit AMA recently, Bitcoin Foundation chief scientist Gavin Andresen mentioned one of the things Bitcoin needs to grow is “regulatory clarity”.
He raises a good point. Without a proper understanding of the playing field, or what we’re up against, it will be difficult for Bitcoin businesses to react appropriately and adapt.
Russia Lowers Proposed Fines For Bitcoin Use
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