The country believes cryptocurrency supports illegal activity and finances terrorism
Russian appears to be in the midst of a serious economic and political crisis and yet it has enough time on hands to think about the Bitcoin. This particular mode of currency has seen its ups and downs and a lot of debates had been going against its implications in terms of authenticity and security. And it appears that the Russians weren’t too happy with it either.
The FCC equal of the country has put a ban on five websites which appears to be dealing in this cryptocurrency. Along with two Russian-language pages, the blacklisted websites include the “main” Bitcoin foundation website, the Bitcoin wiki and London-based Bitcoin exchange Indacoin.
Coinspot was quite clever out of these and even after getting banned, it quickly resorted to the idea of shifting domains and this way it managed to resume its operations in the country. They were the ones who first spilled the beans publicly about this ban on a blog post. According to GigaOM, a Nevyansk city court has granted the authority to ban the sites back in September but the ban wasn’t imposed until yesterday. Russia has openly opposed the use of this type of currency and has tagged the Bitcoin as being means to support illegal activity and as well as finance terrorism.
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