Seven years after it was first introduced on paper, Bitcoin is already on a promising path—one that leads to future success but is filled with obstacles of all sizes.
The digital currency is yet to make it into the mainstream markets, and it seems that its growth cannot be stopped or delayed.
However, certain governments acknowledge Bitcoin and other cryptocurrencies as a threat, thereby closing their doors and ignoring the potential and innovation Bitcoin brings to the modern world.
Russia’s anti-Bitcoin bill will push through
Of all the countries that showed hints of disapproval of Bitcoin’s existence, Russia emerged as the most vocal and active.
Incumbent Deputy Minister of Finance, Alexey Moiseev, even announced at a conference that Russia will soon have a law against the use of monetary surrogates, including Bitcoin.
The run to ban Bitcoin, however, was previously weakened by the sentiments of Deputy Minister of Economic Development Sergey Belyakov. He said rejecting the digital currency due to the inability to control it is not reason enough and that he welcomes new payment system technologies.
Russia’s move contradicts UK’s approach toward Bitcoin, to which Chairman Igor Chepkasov of Cryptocurrency Foundation Russia commented through a published interview:
“Russia has hopelessly sunk to the bottom. But I would like to reassure everyone: there is still room left to fall. We will hear someone knocking from the bottom, but it will already be too late.”
Who can control Bitcoin?
Should Russia pass the bill, then the digital currency is banned within its jurisdiction. This, however, will not stop the rise of Bitcoin as no government can truly block it.
Instead, the users themselves will be responsible for how they wish Bitcoin and the other cryptocurrencies will be in the future.
More industries are expected to adopt digital currency payments in the years to come, and the businesses that welcomed Bitcoin during its infancy stage will benefit from adopting the technology early on.
Moreover, the usage of Bitcoin in Russia may be regulated, and possibly affect various sectors like the Bitcoin casino market. But as more people, entrepreneurs, and lawmakers clearly see the benefits cryptocurrencies contribute to the economy, society, and to life in general, Bitcoin may not be just a niche anymore.
As for playing Bitcoin casino games, online betting enthusiasts can freely do so until any law prohibiting the use of Bitcoin in online gambling exists.