If banning bitcoin and punishing its use harshly would be an Olympic sport, then Russia would be a serious contender for a gold medal. Russia has in the past threatened people with considerable jail sentences and fines for using bitcoin or other cryptocurrencies, to the point where Russian cryptocurrency enthusiasts have had to hide their identity in order to protect themselves. Nevertheless, it seems that Russia is slowly moderating its tone, and recently it seems that the authorities there are ready to turn the page and open up to bitcoin.

Other Countries have backtracked on their Bitcoin Bans

There seems to be a trend that is slowly getting through to Russian authorities. Many of the governments that initially sought to outlaw cryptocurrencies and bitcoin in particular have walked through the path towards understanding and acceptance. Chief among them is China. The authorities there initially outlawed bitcoin, but rapidly understood that it made sense to tolerate its use. After…



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