Virtual currency Bitcoin had its ups and downs since it was first created, but even when things started looking up financial and sustainability wise, Bitcoin faces another threat. It is being banned by more and more countries, claiming financial safety concerns.
Face it or not, Bitcoin is probably here to stay. Well not according to some countries including China, Denmark, India and several others.The newest addition to this group is Russia, which imposed a full ban on Bitcoin, first declaring it a hazard to the property rights of the citizens. After the warning of the Russia’s Central Bank about the use of virtual currency and the danger of it financing terrorism, Russia issued a full ban on the use of any such currency.
On the other hand there are countries that endorse the use of this virtual currency. One of them being the US, where Bitcoin was declared a regular currency by one federal judge and should be regulated no different than the dollar or Euro.
So while some countries are banning the use of virtual currency and firmly clutching their local currencies, some are announcing laws and procedures to certify and regulate it.