What lessons can China offer Russia about Bitcoin?

     According to Bitcoinst, China has purchased a large amount of virtual currency after the sharp depreciation of the RMB in the past month. We can see that the sharp rise in virtual currency prices is a direct result of this purchase.

     This is a development that many have never seen before. Earlier this year, Chinese authorities were discussing a possible ban on Bitcoin, which crippled the BTER exchange and led to the sudden collapse of MyCoin (which saw millions of dollars in investment disappear in a matter of days). Even with all the debate in the past, Chinese authorities are now beginning to acknowledge Bitcoin’s use and value, wondering if it can find a place in Chinese society.

     Similar to China, Russia and digital currencies have a bad relationship. Believing that they can lead to many crimes and terrorist acts, Russia has ignored any possibilities that digital currencies can bring and is very disgusted with the idea of ​​"currency crime".

Like China, Russia has also experienced a significant devaluation of its currency, the ruble. However, the difference between the two countries lies in their attitudes and approaches to the same situation. While China sees Bitcoin as a possible solution to its predicament, Russia has gone further and banned many Bitcoin-related activities. Russians who trade in Bitcoin are threatened with jail time and huge fines.

Both China and Russia have had issues with Bitcoin and its lack of security, but Russia chose to block Bitcoin while China is now taking it more seriously.