Following the increased crackdown on cryptocurrency operations in Russia, a bitcoin exchange decided to share its source code to the community. Authorities in the country are taking a strict and hostile approach in regulating bitcoin operations, forcing the company owners to make their work public.
The project founders decided to share their source code for the bitcoin exchange through the Bitcoin Talk forum and Reddit, enabling other industry startups to see their code and integrate their own software.
Bitcoin Exchange Regulation in Russia
“The bitcoin community is open source at its core and we wanted to contribute somehow. Giving away our source code turned out to be the logical step to show our love to the community. The bitcoin ecosystem needs to reunite at these times more than ever before,” explained project manager Ivan Starinin.
Prior to this, the Russian government has proposed legislation to ban digital currencies and impose fines on those that openly promote their bitcoin exchange services in the country. The draft bill is expected to be passed in a few months, effectively hurting cryptocurrency operations or forcing bitcoin exchange companies to transfer their operations abroad.
“The official Russian currency is the ruble. The use of any other monetary instruments or surrogates is forbidden,” indicated Russia’s General Prosecutor’s Office in a press statement, citing the need to regulate the cryptocurrency industry to prevent money laundering operations. “The anonymous payment systems and crypto-currencies, including bitcoin – which is the most popular of them – are monetary surrogates. As such, their use by private citizens or legal entities is not allowed.”
A number of bitcoin-related websites have already been blacklisted while others have been slapped restricted access to their domains. The Russian government is attempting to restrict capital flight abroad and they believe that the prevalence of bitcoin could be damaging for the Russian ruble and economy.
The project founders decided to share their source code for the bitcoin exchange through the Bitcoin Talk forum and Reddit, enabling other industry startups to see their code and integrate […]