There are a lot of banks over in Singapore that are closing the accounts of companies and people due to ties in the Bitcoin business. Many Bitcoin businesses and other cryptocurrency businesses are reporting that the banks are force-closing accounts. More than 10 companies have come out to report the bank account closures within the last few weeks. For people in Singapore, this is very bad news because Bitcoin and other cryptocurrencies are increasing in popularity, and becoming more of a regular currency.
The use of Bitcoin in Russia is currently illegal, but news has come out today from an official in Russia’s Ministry of Finance who stated Bitcoin could be used as a foreign currency. The change to the proposed law would not allow Bitcoins to be used domestically, but deputy finance minister Alexei Moiseev said this move is to help limit Ruble alternatives domestically.