Bitcoin and Russia have had some tough times so far. The government is not interested in having bitcoin around, but they definitely want to explore the use of blockchain technology in banking and financial sector. However, ‘Bitcoin’ did get its date with the legal and regulatory system in the country after the ‘Bitcoin’ trademark was approved by the concerned trademark registration office.
The number of bitcoin users in the Russian Federation is increasingly on a regular basis. But, at the same time, the government is doing all it can to stop people from using it. Earlier this year, the Russian Ministry of Finance had passed a draft regulation that made converting bitcoin to ruble illegal, punishable by imprisonment and a penalty.
With bitcoin not being widely used in the region, many companies are trying to capitalize on the name and the branding associated with Bitcoin by attempting to trademark them. According to available reports, as many as four businesses have so far tried to trademark the name and one of them succeeded in it.
The reports state that Bitcoin OOO, equivalent to a Limited Liability Company has become the proud owner of the trademark. The certificate for the name Bitcoin was issued to