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Bitcoin is a crime in Russia and Caribbean should be a cryptocurrency hub

By Sharon Rowe
In Bitcoin
Feb 6th, 2016

One of the advisors of Putin has spoken about Bitcoin and has suggested that receiving Bitcoin for goods and services in Russia is a crime. It is rumored that there are more countries that are going to ban all digital currencies if adoption of the technology and programmable money continues to rise.

It appears that once it becomes too big, the states and countries want to ban it to make sure it doesn’t have too much of an impact on regular banking. But we’ve sailed past that moment a while ago now. Banning is too late. And they have been trying for quite some time.

Russia is moving forward with a prohibition of money surrogates, which includes Bitcoin as it is somewhat of a substitute for money. It’s to be seen a ban can be effective, but it probably causes it to become more popular as its strength becomes clear. On top of that, how would they enforce such a banishment?

Russia has also spoken about regulating the entire Internet as well. The internet is supposedly filled with mostly money, criminals and terrorists. Which is reason enough for Russia to regulate the internet and censor most of it. So it isn’t surprising that they want to ban Bitcoin while they still think they can. Surprisingly enough, in other regions of the world they’re embracing digital currencies completely. The Caribbean to be more specific.

Experts conclude Caribbean should be digital currency hub

The UN has come out with a report about digital currencies and how these digital currencies, like Bitcoin, can be used.

The report was written to balance the benefits and the risks of Bitcoin. The report also shows that the use of technology can be most beneficial in the Caribbean – but can also be used on a global level of course. It was interesting to see that the paper recommends that the technology be used in the Caribbean region to make it a digital currency hub of the world.

It is also being considered how digital currencies like Bitcoin and others could address regional payments and how the electronic payment infrastructure can be affected. Mobile money solutions are put in an overview and their connection to digital currencies are also described.

The paper was formed based on three sources of data:

  • Literature review of international and regional resources;
  • Expert input on electronic payments;
  • Formal survey of Caribbean central banks.

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