Bitcoin and Russia — the Roulette Continues

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Russia does not want financial innovation, and it will harm the nation

Yes, limiting access to bitcoin and technology will stifle financial innovation, and it is something that all nations should think through, even the United States. BitLicense in New York State is doing everything it can to keep bitcoin and related companies from operating in the state. It can also be considered as a move to stifle financial innovation. Other countries can take Canada as an example when it comes to bitcoin regulations, in order to ensure unhindered innovation in fintech sector.

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Russia does not want to disturb its precious ecosystem bubble by allowing bitcoin to thrive

Every action has consequences, same with bitcoin regulations. Bitcoin transactions is a two way street. It allows outflow as well as inflow of funds. The current situation in Russia calls for strict economic controls in order to ensure the stability of its economy. The country is currently hit with sanctions. There are restrictions on flow of commodities as well as currencies across borders. The country has to prevent excess outflow of funds to maintain liquidity in the country.

Read more ... source: LiveBitcoinNews