Bitcoin has a big hurdle to overcome with the latest news coming out of Russia. Alexey Guznov in a statement that was translated into English reported the following:

“We believe there are big risks of legalizing the operations with the cryptocurrencies, from the standpoint of financial stability, money laundering prevention and consumer protection.”

With Russia having this stance on cryptocurrencies it stands to be a big blow to Bitcoin. The usage of bitcoin is very common in Russia and with it potentially becoming illegal Bitcoin could lose a huge part of their userbase.

“We are opposed to the fact that there are institutions that organize the release of cryptocurrency and facilitate its circulation.”

Having this stance makes it very difficult for the bitcoin traders in Russia but they have little say in the decision making progress. He also goes on to say the following:

“The coming bill directly formulates a ban on the issue, as well as on the organization of circulation of cryptocurrency, and introduces liability for violation of this ban.”

What’s your view on this issue? For more details on this be sure to visit Forbes.com

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