BitStarz Player Hits Two Jackpots for a $180K Win!

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BAs they say, luck can truly be a fickle mistress. Sometimes you can spend days chasing a big cash-out and never hit it big and other times Lady Luck just smiles down upon you and lets you have the luckiest day of your life.  Well, one BitStarz slot player just had such a day, hitting not one but two slot jackpots in the same day and taking home over $183,000 in cash by playing two different slots. To read more about his lucky roll, check out the full story below.

Touching Former BitStarz Records

The player who scored the wins remains anonymous but his story was proudly shared by BitStarz Casino. The first big win he hit was while playing the Amatic Lucky Coin slot, where he triggered a win of $118,396 on a single spin.

A bit outdated when compared to modern slots, the Lucky Coin is an Asian-themed, 5-reel, 10 payline game with Scatters, free spins and a jackpot combo of 5 Wilds for a 9,000x payout. It features various symbols of luck like dragons and inscribed gold coins which truly proved to be fortunate to the unnamed player. Yet, as amazing as this feat of luck was, it was only the beginning of his story.

Namely, in what was an even more incredible stroke of luck, the same player then moved to play Pragmatic’s Wolf Gold slot where he hit another big win of $64,607. Drawing inspiration from Native American symbols like the Wolf, Eagle, and Moon, this 5-reel modern slot game offers a re-spin feature with 3 jackpots and a free spins round with sticky Wilds, which when combined can amount to big payouts, as it happened for this lucky player.

BitStarz has a history of lucky slot players whose wins are regularly revealed to the public thanks to the casino’s marketing team. The $118K win is only the second largest single-spin win in the casino’s history, while the second jackpot only earned the number 8 spot on this chart.  Other notable wins were the 150 BTC jackpot hit in September last year and the lucky player who hit two jackpots in the course of a few months.

In a press release, Marketing Manager of BitStarz, Srdjan Kapor, said that it was “one thing to see a top win at Bitstarz, but to get two wins in top 10 in a single day is an extremely rare occurrence”. He also congratulated the winner and said that he was willing to bet on the player winning more top 10 wins in the future.

Play N’ Go Games Now Available

BitStarz is one of the more well-known Bitcoin casinos around thanks to its strong promotions and huge game collection. The site has over 800 games provided by some of the biggest names in game design like NetEnt, Amatic, SoftSwiss and BetSoft, but also live dealer game providers like Evolution Gaming.

The casino’s latest addition to the game portfolio was games from Play N’Go – the Swedish mobile-friendly software studio that produces a variety of classic table games and modern slots with a traditional look and feel. If you want to check out the fresh slot offer and try and earn yourself a spot on the top 10 charts, feel free to use this link to visit BitStarz Casino.

November 10, 2017: • No Comments

Bitcoin.com Promotes Own Safe Wallet

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As Bitcoin is breaking new record highs of $7,600 and more financial gains are expected to arise from the SegWit2x blockchain split, keeping your cryptocurrency safe and sound becomes even more important. That’s why BTC resource site and gaming operator, Bitcoin.com, is promoting wallet safety this month, advising their users to increase the security of their crypto-coins through the site’s BTC-wallet innovation. And for those who want to enjoy some classic BTC gambling, Bitcoin.com also offers a new casino platform.

Keep Your BTC Locked Away Safely

More than just a Bitcoin casino, Bitcoin.com is your hub for everything related to the cryptocurrency, from news about blockchain technology innovations to legal updates, guides on buying Bitcoin, storage solutions, and much more.  For those that aren’t planning to spend big money on hardware wallets, the BTC-hub recently issued a statement promoting its own BTC-wallet service, which offers users additional protection through private keys and wallet backups.

Bitcoin.com’s wallet is available as an app for any smartphone or computer OS, including Windows, iOS, Android, OSx and Linux. The app’s security reinforcement comes in the form of a private key that authorizes any Bitcoin transaction you make through the wallet. And as you set up each private vault, you will also be asked to create a backup and receive a 12 word passphrase that can be used to open your wallet and retrieve your Bitcoins should your devices get stolen, or damaged.

Thus far, there have been nearly 500,000 wallets created by users and that number is expected to keep growing. Apart from giving you the option to store your Bitcoins, the wallet can also be used to make mBTC or BTC purchases, although you might get different fees from what you’re accustomed to.

In the statement, the site also warns Bitcoin holders to “assume that hackers or corrupt insiders are always plotting to steal your crypto-investments”.  This is why they stress the importance of safe-guarding your private keys and passphrases, by storing them in secure places like bank deposit boxes, vaults, or private secret locations.

New Gaming Site Available

Bitcoin.com used to offer Bitcoin gamblers a regular casino where you could find over 1,000 Games from leading software providers in the BTC-casino scene like NetEnt, Microgaming, and SoftSwiss, but has since scrapped that platform and swapped it with a classic Bitcoin gambling site in the likes of Satoshi Dice.

Namely, the site now offers a new gaming section called Games, which is a provably-fair, anonymous, and instant-registration platform with classic casino games like Blackjack, Roulette, Video Poker and Slots. According to the available information, the games are expected to have at least a 99% RTP (Return to Player), with even slots games holding a low house edge of 1%.

As you might expect, the new casino has no formal registration procedure but instantly gives you an account number as you visit the platform. That number could be saved and later used to return to your balance, and you can also just create a new one whenever you want. As for the deposits and withdrawals, they are instant just like in the old casino. If you’re interested in checking out the new and revamped game offer, or finding out more information about the new games, you can use this link to visit Bitcoin.com casino.

November 8, 2017: • No Comments

Cloudbet Player Wins Massive $1m Payout in BTC

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They say that if you really want to take a casino to the cleaners, you will need to up your game. There have been many successful stories thus far about people dedicating themselves fully to a casino game to figure out all the intricacies, possibilities, and tricks that could help them turn their time and effort into a big payout.

However, while things have worked out well for many advantage players in the land-based casino sector throughout the years, rarer were the cases when an online player succeeded into using a skilled-based game to make big profits. Well, our latest update is about one Bitcoin player who challenged this trend, taking a chance on Cloudbet Casino to become a self-made millionaire.

Skilled Player Takes 160 BTC Win

In a win that set a record for the biggest Bitcoin win in a live casino game, one anonymous Cloudbet player took home a payout of 160 BTC or over $1 million in current market value. The skilled player was able to earn the massive payout by playing the Baccarat live tables at CloudBet casino, but there is no official confirmation of which live provider s/he chose to use.

According to the casino, the win happened near the end of October when 1 BTC was trading near $5,300, giving the jackpot a value of approximately $850,000. However, in the brief time period in-between, Bitcoin first climbed to $6,500 and then $7,300 today, giving the price a value well above $1.1 million. That is, unless the player chose to exchange his Bitcoins back to fiat money.

The latest payout surpasses Cloudbet’s previous record, which was set back in March when a player won 216 BTC on a slot game.  At the time, the win was worth approximately $214,000 in USD price, but the exciting thing about it was that it was won with a bet of only 0.16 BTC, making it the largest single-bet win in the casino’s history.

Commenting on the latest milestone on behalf of the casino, Leandro Ross, Casino Head at Cloudbet, said that this was the biggest single win they’ve seen in more than four years since the casino was launched. He also added that they would “love” to witness someone break this monumental record.

Casino, Sportsbetting – You Name It!

James Bond’s classic game of choice (Baccarat) isn’t the only thing you can enjoy at this pioneering Bitcoin platform. In the virtual menu alone, there are around 600 different games, including a big selection of virtual tables and slots, while the live dealer menu holds around 30 different games from Vivo, Evolution Gaming, and even Asia Gaming.  Furthermore, the casino still retains its betting section where various live and regular markets can be found.

If you’ve never played at Cloudbet before, you can grab the 100% match bonus of up to 5 BTC the casino gives away to all newly-registered players. And if you’re a sports bettor, the casino will also offer you a chance to make high-roller bets and win some big payouts. If you’re interested in finding out more about the casino or trying out the Baccarat live tables yourself, feel free to give Cloudbet a visit

November 3, 2017: • No Comments

Another Software Provider Enters Bitcoin Market

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Prospective Bitcoin casino companies seem to be getting a substantial relief from the global industry, as more and more regulatory authorities and platform providers are turning towards Bitcoin gambling. The latest addition on the scene is Asian software provider and live dealer studio Asia Live Tech (ALT), which is now offering a full turnkey solution to any prospective BTC casino owners, including licensing from the local regulatory body.

Bitcoin Now Accepted

The software company has had a fairly eventful year with a redesign of their online website and the introduction of a new range of services, but it is their Bitcoin solution that has raised the attention of iGaming operators.

The solution, simply named “Bitcoin Casino Software”, allows for operator to set up an online casino where Bitcoin can be used as the main currency, but also other cryptocurrencies like Litecoin, Ethereum, and many more. The software, which is a White Label product from the game company, is only one part of a packaging deal that also includes a Cambodian gaming license.

According to the news update on ALT’s website, the software company will be handling all technical problems for its buyers – a process that involves the design of the website, implementation of games and payment methods, security, hosting, as well as providing the operator with management software that can be used to manage and run all aspects of the business. Thus, the main responsibility of the Bitcoin operators would be only to handle marketing and communications.

The license offered by the software company is its own land-based casino license that operators can gain access to if they want to get started while still waiting for their own license, or when they are unable to obtain an individual license. In either case, the operator will be given a complete ownership and freedom of running the casino while collaborating with ALT on various steps of the process.

Local Dealers and Exotic Games

Asia Live Tech is mainly known for its live dealer tables but they also develop and supply virtual casino games. The company has its roots in the traditional casino industry in Cambodia, where they started by running a land-based casino resort called the Lucky 89 in 2011.  The Lucky 89 was later followed by the Lucky Ruby, which was opened in 2015. Both properties are still run by ALT.

But the real breakthrough for the company came when they decided to shift their direction and become a game provider with a niche product – Asian table games. Their Asian live tables featured games like Fan-Tan, Dragon tiger, Sic Bo, and Baccarat, among others, and they quickly became the number one product of the game studio.

Streamed in HD from the Lucky Ruby and Lucky89 casinos, 24/7, these tables offer traditional games hosted by trained local dealers for a more authentic experience. And with ALT’s shift towards Bitcoin White Label products, BTC players might soon get a chance to enjoy the unique game offer.  But until such times come, feel free to check out our Live Dealer Casino page for more live dealer Bitcoin action.

November 1, 2017: • No Comments

Fortune Jack Celebrates Halloween with up to 1,200 mBTC in Tournament and Raffle Prizes

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If you want to spice up your Halloween with something other than pumpkin spice, you might want to check out Fortune Jack Casino in the following days. Offering two different Halloween promotions that end November 1st, this Bitcoin casino will give you a chance to grab anywhere from 10 to 250 mBTC to refill your wallet after spending big on candy this season. To find out more about each offer, just keep reading.

The 1,000 mBTC Halloween Raffle

The first promo offered at Fortune Jack Casino is the Halloween Raffle, which began on Tuesday, October 24th and will end November 1st at 23:59 BST (British Summer Time). During this promo period, you will need to wager a minimum of 50 mBTC on any game at the casino to earn yourself one ticket for the prize raffle. The prize pool will be divided among 30 Fortune Jack players, as follows:

  • 1st Place gets 250 mBTC
  • 2nd Place gets 200 mBTC
  • 3rd Place gets 125 mBTC
  • 4th Place gets 75 mBTC
  • 5th Place gets 50 mBTC
  • Places 6-15 get 15 mBTC
  • Places 16-30 get 10 mBTC

Who gets to claim a prize will be determined at the end of the promo period in a random draw. The casino doesn’t limit the amount of tickets you can claim, so the more tickets you get the higher your chances will be. If you win a prize in the raffle, you will receive it in the form of bonus money with only 5x wagering requirements, which will be given to you within 24 hours after the draw ends.

A “Horror Tournament” with €1,500 in Real Cash BTC Prizes

Apart from the Halloween Raffle, Fortune Jack will also give its players a chance to enter iSoftBet’s Horror Tournament where they’ll be able to play the studio’s horror-themed slots and win a slice of the €1,500 prize pool in BTC.  The applicable slot games are: Paranormal Activity, Spooky Family, The Best Witch, and Hansel & Gretel: Witch Hunters, which was also the slot that brought a BitStarz player a $64Kcash-out.

The tournament begins today, October 27th, and it will last until November 1st when the most competitive players will be selected for some real cash prizes. And to make things even more interesting, iSoftBet will also add a raffle with two rewards for randomly selected participants to the tournament. The full set of prizes will be distributed as follows:

  • 1st Place gets €250 in BTC
  • 2nd Place gets €150 BTC
  • 3rd Place gets €125 in BTC
  • 4th Place gets €75 in BTC
  • Places 5 -10 get €50 in BTC
  • Places 11-15 get €25 in BTC
  • Places 16-20 get €20 in BTC
  • Places 21-25 get €15 in BTC
  • 2 Draw winners get €150 in BTC

Naturally, there is a minimum wagering requirement in the tournament which is set at €1 or any cryptocurrency equivalent. For each €1 worth of BTC you wager, you will receive 1 Horror Point. The more points – the higher your position up the leaderboard will be.

The casino will announce the winners and credit the prizes in real cash (BTC equivalent) by no later than 72 hours after the promotions end.  If you’re interested in joining the tournament or entering the Halloween Raffle, you can visit Fortune Jack Casino through this link here.

October 27, 2017: • No Comments

America’s Cardroom Now Accepting over 60 Cryptocurrencies

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One of the most popular Bitcoin poker rooms for US players, America’s Cardroom, has recently revealed that it is now officially accepting over 60 cryptocurrencies on its platform. The change, which was first announced near the end of September on the America’s Cardroom website, has already been implemented, giving any new and existing user a chance to deposit and wager in any cryptocurrency they might be holding.

A Cryptocurrency Leader

Active since 2001, America’s Cardroom (ACR) slowly grew to becoming one of the most popular poker networks for U.S. players online.  Thanks to the acquisition of its subsidiary, the WPN (Winning Poker Network), which was an early adopter of Bitcoin since 2014, ACR become one of the key faces in online poker but also BTC gambling after officially adopting Bitcoin in 2015. And now, the site has set on a new course to become a leader in cryptocurrency gambling, accepting over 60 forms of cryptocurrencies on its platform.

According to the official update, ACR is now allowing its players to deposit in whatever cryptocurrency they like while withdrawals will be subsequently made possible during the upcoming weeks. After you make a deposit, the site will simply convert your cryptocurrency to an USD balance that you can use to buy your way in to various poker tournaments on the platform.

According to an ACR spokesperson, the poker site has received very positive feedback after implementing Bitcoin thanks to the relatively small fees but also the fast withdrawal processing time-frame, especially when compared to fiat money.  Thus, it was a logical step for ACR to further expand their payment options to include other available cryptocurrencies as well.

According to the spokesperson, ACR is taking a neutral stance on which is the best cryptocurrency to use, saying that since they’re no “cryptocurrency experts” they can’t really back up one coin over another. The site also warns users about taking caution when using cryptocurrency sites by saying that “it’s best to be careful out there”, a warning that was most probably prompted by the DDoS attack they’ve recovered from recently.

Where Weekly Tournaments Await

One of the reasons for ACR’s high traffic volume is that the site regularly features its own original set of Poker tournaments. Starting with a weekly Sit and Crush leaderboard that comes with no extra fees and moving through the week with The Cage – a Wednesday “go-big or go bust” game- and the Sunday Specials, there are plenty of opportunities to amass a big stack of crypto coins at America’s Cardroom, especially if you know your game well.

In fact, you don’t even have to look for the weekly promos to make some money here. Namely, as a new player at the platform, ACR will give you 20 days of free cash after you’ve made your first deposit for a total of up to $50 in tournament cash, apart from offering you the standard welcome bonus. Furthermore, as a new depositor you will also be able to enjoy 4 free-roll tournaments that are only open to new players. If you’re interested in claiming any of the promos, or just browsing through other available offers on the site, you can visit America’s Cardroom through this link here.

October 25, 2017: • No Comments

BitStarz Player Hits 10 BTC Jackpot; Wins Big Payload for Second Time in Months

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Some Bitcoin slot players are just lucky enough to hit a big payload once in a lifetime, while others are even luckier and get to cash in a big paycheck twice in a single year. One of the latter is an unnamed BitStarz player who was able to hit a new slot jackpot only months after receiving a big payload from the popular Bitcoin casino. It just goes to show that luck isn’t a one-time thing.

Diamond Cats for the Win

The monumental win was revealed in a public press release by BitStarz Casino, where it was said that the unidentified lucky player hit a jackpot of $48.374, or 10 BTC, while playing a single slot game at the casino. The slot game in question was Amatic’s Diamond Cats – a 5-reel, 20-payline slot that’s filled with glittery animations and symbols of luxurious cat breeds. But what’s even more unusual than the choice of game was that s/he was able to hit the jackpot only three months after already collecting a $64,818 cashout from playing a different BitStarz slot.

Namely, as we reported back in July, the first win was hit on the Hansel and Gretel: Witch Hunters slot from BetSoft, based on the Hollywood film with the same name. At the time, the player in question was able to trigger the prize with a single spin, making his win sound just as unimaginable as the film’s story was.  His current win, however, was triggered with a 1,000x multiplier in a single session on the glitzy slot game. As the casino says, the player now has enough money to “feed a cat for 503 years”.

Srdjan Kapor, the marketing manager at BitStarz Casino, commented on the winning by saying that: “some people might think that just because you’ve won in the past, it means you can’t win again. Well, this is clear proof that it isn’t true.” He also congratulated the winner for his second lucky win and shared his enthusiasm of seeing whether the same player can score yet another big win soon.

Where Variety is the Norm

If you’re looking to have as many playing options as you can in a Bitcoin Casino, BitStarz Casino is the place to be. Apart from offering Amatic and BetSoft games, this casino also features games from other big names in the industry, including popular slot developers Microgaming and NetEnt as well as SoftSwiss, Endorphina, and live dealer game providers Ezugi.  With over 850 different games to choose from, BitStarz provides enough variety to never let you get bored.

One of the well-known facts about this casino was that it was one of the first online gaming platforms to offer wagering in Bitcoin + other fiat currencies.  BitStarz Casino also has provably fair games to offer and, more importantly, an instant processing time for Bitcoin withdrawals with an average payout time of only 10 minutes.  If you’re interested in checking out the offer, or trying one of the lucky slot games for your chance of hitting the mother lode, you can give BitStarz a visit via this link.

October 20, 2017: • No Comments

Australia Approves Proposed Bitcoin Bill

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The Australian government has recently revealed the progress they’ve made in regulating Bitcoin as a public report on the proposed amendments to the Anti-Money Laundering and Counter-Terrorism Financing Bill was issued by the Legal and Constitutional Affairs Legislation Committee of the Australian Senate.  According to the report, the government has kept its August promise to regulate Bitcoin exchanges more tightly in the country in order to fight the abuse of cryptocurrencies for criminal purposes.

AUSTRAC to Oversee BTC Exchanges

The updated provisions to the AML/CTF legislation include digital currency exchanges for the first time which, as we wrote about in September, will fall under the scope of the country’s financial watchdog – the Australian Transaction and Reporting Analysis Center (AUSTRAC). In the report, the Committee also gives urgency to regulating digital currency exchanges and outlines several new provisions regarding the matter.

First of all, there will be a new service and register designated by the government that is expected to be established within a time-frame of six months from the passing of the bill.  New civil penalties will also be introduced that will target any operators of cryptocurrency exchanges which aren’t registered with the relevant authority. The provisions also read that all such operations will be held to “strict liability”.

Increasing the importance of AUSTRAC, the amended bill will also give more power to the CEO of the financial watchdog to enable him/her to “make rules to expand or narrow the scope of the digital currency definition”, as part of a broader goal of strengthening AUSTRAC’s investigative and enforcement powers.

Living Room of Satoshi, the Australian Bitcoin payments service for bills, has added a submission to the bill that calls for the exemption of AML/CTF provisions for payments with a value lower than AUS $1,000. Calling such provisions a “hindrance” for businesses that deal with low-value payments via digital currencies, the Bitcoin startup has requested an exemption to be included in the bill for smaller businesses.

Nevertheless, the bill was still recommended to be passed by the Committee. Naturally, this also implies that even smaller sums won at Bitcoin Casinos will also be covered by the AML/CTF provisions, should the legislation be passed in current form. Per these provisions, registered businesses will be obliged to verify the identity of their customers and hold transaction records, thus hindering the anonymity of exchanging any winnings made by Bitcoin gambling.

Another Regulation Proposed in Ukraine

The Ukrainian government is also jumping on the Bitcoin bandwagon, according to new reports that reveal the parliament has filed a proposed bill for regulating the cryptocurrency. The bill, which was first filed at the start of October, will reportedly be putting cryptocurrency businesses under the watchful eye of Ukraine’s central bank but also imposing taxation on mining and purchases.

Namely, the proposed legislation includes provisions for exchange services which are to become subject to taxation and data collection requirements, while the cryptocurrencies themselves and earnings from mining operations will be taxable as a form of property. If the legislation is approved, the National Bank will be given a period of two months to design guidelines for exchanges in the country.

October 18, 2017: • No Comments

Stuff Your Candy Bag with m฿500 at Bitcasino.io This Halloween

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Continuing its tradition of spicing up your holiday seasons, BitCasino.io is launching a new slot promotion for this October to get you psyched up for Halloween 2017.  The promotion comes with a shared prize pool of m฿5,000 that will be divided between dozens of lucky slot players who play the pr-selected Microgaming slot games at the casino. So, if you’re interested in winning some candy money just in time for the holiday, check out the full details below.

Play, if You Dare!

The Halloween promotion began on October 11th and it will last until October 24th, a time during which you’ll be given a chance to play some “SPOOKtacular games” in return for tickets in the prize draw. The selected games are the new licensed slot game from Microgaming, Halloween, which is based on the original 1978 film that launched the horror franchise, but also Microgaming’s Lost Vegas and Beautiful Bones slots. After the draw ends, all winning players will be notified by the casino by October 26th at the latest.

For each m฿ 5 or €20 you spend betting on the new Halloween slot, the casino will give you 2 tickets for the raffle. The other two slot games, however, have a lower contribution and only give you 1 ticket for every m฿ 5 or €20 you spend on their reels. But the really great part is that if you’re lucky enough to grab one of the prizes, you will receive them with no wagering requirements attached and there will be no need to notify the casino before you withdraw them.

The number one prize offered in the raffle is a cash infusion of m฿ 500 and there are also 83 consolation prizes that will be handed out in various amounts and numbers.  Thus, even if you don’t win the main prize you’d still might be able to get your hands on some nice cash rewards, like the 3 runner-up prizes of m฿ 250 each, the 10 prizes of m฿ 125, the 20 prizes of m฿ 62.5, as well as the 50 smaller prizes, each worth m฿ 25. Whatever you win, you’ll likely greet Halloween with a grin.

A “Slasher” Classic Brought to Life

If you’re a fan of the original budget “slasher” film or licensed slots in general, Microgaming’s Halloween will definitely excite you. The slot is a new, 2017 game that comes with 5-reels, 50 paylines, and really creative bonus features. Of course, the meticulous attention to design and licensed symbols and audio samples are also evident in the game.

Yet, the most interesting highlight of the slot is definitely the Wandering Reels feature, which is sort of like a magnifying glass that captures 3 different adjacent reels with each spin and offers Jumbo Block symbols for big wins. The game also comes with a Trick or Treat Bonus round, which is a wheel that lets you collect prizes until you trigger the Free Spins Round or the Boogeyman Round, where you’ll have to pick your way through a dark staircase and escape Mike Myer’s long sharp knife.  So, if you want to get your adrenaline rush and win some money, it might be time to check out Bitcasino.io.

 

October 13, 2017: • No Comments

Russia to Ban Bitcoin Exchanges?

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In another change of heart, Russia’s government seems to be turning cold on Bitcoin as President Putin and the Central Bank publicly warn about the dangers of using cryptocurrencies. During a conference address in Moscow, First Deputy Governor of the Central Bank, Sergei Shvetstov, spoke about the “dubious” nature of digital currencies while news outlets report that there might also be a ban of cryptocurrency exchanges in the making. If a ban is enforced, Russian players who’ve resorted to Bitcoin to avoid governmental restrictions could face another blow.

A Mutual Decision

According to Reuters, Russia’s President Vladimir Putin spoke on Tuesday about the risk of cryptocurrencies and their use for funding criminal activities while the Central Bank’s representative also stated that access to Bitcoin exchanges will be blocked in the country. This latest update comes two months after the government announced a delay of its proposed Bitcoin legislation but also assured that it was only a delay and not a cancellation.

Shvetsov, who spoke to a Moscow conference about the need to protect investors, reportedly said that the Central Bank and the government “cannot stand apart” on this matter. He stated that an easy and direct access to “dubious instruments” like Bitcoin couldn’t be given to retailers (investors), according to the news source.

In a different address, in Sochi, President Putin also spoke to the media about the possibility of using cryptocurrencies for money laundering, tax evasion, and terrorism funding purposes, saying that the usage of digital currencies “carries serious risk”. He reportedly stated that since digital currencies are issued by an unrestricted number of anonymous bodies that whoever buys cryptocurrencies could also be engaging in illegal activities.

The reported ban on Bitcoin exchanges resulted in a mysterious “flash crash” that took the price down by several hundreds of dollars on some Bitcoin indexes. Concerns about the dangers of Bitcoin’s volatility and the inability to investigate crimes like a Bitcoin exchange crash were also voiced in August, when a delay of the legislation was announced. However, following the latest information there has been no official confirmation from the Finance Ministry on whether the plan to legalize Bitcoins will be definitely cancelled.

Hints of a New Direction

Legalizing Bitcoin in Russia has been a problem for over a year now, with the government first declaring an official war against the cryptocurrencies only to change their heart this year, when Bitcoin grew significantly after January. With the price of Bitcoin nearly 600% higher than its value in 2016, the Russian government seemed to be warming up to cryptocurrencies and a new legislation.

However, some of the latest updates from Russia suggest the legislation might turn out to be quite different than what most people expect. Namely, by the end of August, Russia’s Deputy Minister of Finance, Alexey Moiseev, told a state-owned media outlet that they will be restricting the use of Bitcoins only to “qualified investors” and not the public.  With that interview and the latest attitudes expressed by the government, it seems that if a legislation is passed it might not be as liberal as in other jurisdictions like Japan.

October 11, 2017: • No Comments