[2015-06-18] Russian Central Bank Governor: The Market Will Welcome Bitcoin

[tyz]

According to information provided last week to the Russian newspaper Izvestia, the Russian Central Bank will meet with representatives of the financial community to establish a position on Bitcoin and cryptocurrencies in general.

http://coinyoo.com/2015/06/18/russian-central-bank-governor-the-market-will-welcome-bitcoin/

[aso118]

“So far I can’t imagine a situation where bitcoins would be considered a reserve currency, but we are looking at how this market is developing"

If at some point in the future, countries start holding bitcoin reserves, the price will just explode. Countries which want to break the hold of the US dollar on international trade can start this.

[Chef Ramsay]

I welcome Putin and his entourage buddies to stock up on bitcoin. This is the perfect time for them if they haven't already as this would be a nice boost for the price at this point. This friendly attitude by Russia towards bitcoin is perfect at this last semblance of a bear market.

[bryant.coleman]

I welcome Putin and his entourage buddies to stock up on bitcoin. This is the perfect time for them if they haven't already as this would be a nice boost for the price at this point. This friendly attitude by Russia towards bitcoin is perfect at this last semblance of a bear market.

I agree. Russsia is trying to offload their US Dollar reserves, by increasing their reserves of gold, CHF, Euro, and the RenMinbi. The Russian Forex reserves as of now stands at around $370 billion. They can afford to convert at least $1 billion (around 0.3% of all the reserves) to Bitcoin. I just hope that they will be willing to take this small risk.

[RustyNomad]

This is positive news for bitcoin.

The concern however down the road is in the following statement:

"..so this is something definitely the market will be welcoming so we will be watching with attention and, if necessary, regulate it.”

Guess it will all come down to how it will be regulated and whether such regulation will be bitcoin 'friendly' or not. But overall, positive news for bitcoin I think.

[extrabyte]

If  big players Russians try to get on the train, the momentum could be really tremendous. Don't bet on the wrong side.

[PolarPoint]

The concern however down the road is in the following statement:

"..so this is something definitely the market will be welcoming so we will be watching with attention and, if necessary, regulate it.”

Guess it will all come down to how it will be regulated and whether such regulation will be bitcoin 'friendly' or not. But overall, positive news for bitcoin I think.

They were planning on banning bitcoin last year and now they just want to regulate it. Miles of improvement. 
I don't think any country would not regulate bitcoin if it plays a major part in global remittance.

[bryant.coleman]

If  big players Russians try to get on the train, the momentum could be really tremendous. Don't bet on the wrong side.

For many years now, Russians are selling their bitcoins, than purchasing them. This is evident from the leaked Mt Gox data, and the data from other exchanges. One of the reasons might be the lack of institutional investors among them. A lot of the users got rich during the 2013 price rally, and they are now selling their coins.