Russia Seeks to Tighten Online Payments, What Does it Mean For Bitcoin?

Jayanand Sagar | January 15, 2014 | 8:09 am

Russia Seeks to Tighten Online Payments, What Does it Mean For Bitcoin?

Jayanand Sagar | January 15, 2014 | 8:09 am

Russia Map Symbol

Following a series of terrorist attacks before the Winter Olympics, Russian legislators are likely prepared to pass new bills that severely tighten regulations around electronic payments in the country.

News agency RIA Novosti reports online payment systems that allow anonymous usage like Russia’s Yandex (which is basically their version of PayPal) will no longer allow money to be sent abroad electronically. That aside, the new rules dictate that no more than 15,000 rubles (or about $450 USD) may be sent in a single month — down from 40,000 rubles ($1,200 USD).

An open or closed door for bitcoin?

It’s unclear just what the implications of these harsh regulations will have on bitcoin in Russia, but it looks like it could go either way. On one hand, Russians may seek alternatives if their current solutions just aren’t allowing them to do what they need to. On the other hand, the Russian government may also crack down on bitcoin.

Certainly, it will be interesting to see where this goes. We’ll keep you updated as more information becomes available. (via RIA Novosti)

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