Russia remains a country filled with contradictions when it comes to Bitcoin and cryptocurrency. Despite all of these issues and concerns the trading volume through LocalBitcoins continues to soar. There has never been a greater demand for Bitcoin in Russia than right now, which may be a sign of things to come.
Things have not been easy for Bitcoin in Russia so far. Government officials have pivoted on their ideas for cryptocurrency regulation a few times, and it is becoming difficult to make sense of it all, Right now, there are no plans to ban Bitcoin, although that doesn’t mean cryptocurrency is welcomed with open arms either.
About a week ago, the Russian media watchdog decided to restrict access to LocalBitcoins. As most cryptocurrency will be well aware, LocalBitcoins is the go-to platform for anyone who is interested in cryptocurrency in Russia. However, most of the country’s internet service providers have restricted website access to the platform.
While it is easy to bypass this blockade – using a VPN or Tor – it paints a rather worrisome picture for cryptocurrency in Russia. Conflicting messages are never a good thing, and it is clear Russian government officials are unsure what to do. While they may have hoped to reduce the interest in Bitcoin by blocking LocalBitcoins, the opposite is coming true.
Recent statistics by Coin Dance indicate there was a record volume high for the Russian Ruble on LocalBitcoins last week. Albeit only a few days of that week overlapped with the website ban, this goes to show these fictitious blockades will not diminish the interest in Bitcoin by any means, In fact, this decision may boost cryptocurrency adoption in Russia to new heights.
It is good to see Russians respond in a positive manner to their government’s stance on Bitcoin. Unlike what these officials may assume, it is impossible to control Bitcoin itself. Restricting access to websites dealing with cryptocurrency will only invite more people to explore this type of alternative finance.
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