Bill Seeking Bitcoin Ban Reaches Russian Legislature – CoinDesk

Opponents are sharpening their knives right now. But wait I say. With a global recession imminent, flight of capital is on the minds of many governments (including Russia and China). But it is people’s money and when government has no control over flight over capital – as in the case of Bitcoin, they want to ban it. A knee-jerk reaction if you ask me.

I fear this might have a myopic cascaded effect (and wrongly so in my opinion). Banning will not do any good. If capital has to fly away, people will find a way. Perhaps not as easy as Bitcoin, but they will find a way. Expect the underground market of Bitcoin to flourish in Russia.

It would be interesting to see governments become so desperate…and helpless.

Russian lawmakers recently submitted a draft bill to Russia’s Parliament that would effectively ban the use of digital currencies in the country.

Source: Bill Seeking Bitcoin Ban Reaches Russian Legislature – CoinDesk

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