27 Dec '14, 10am

Yes to bitcoin! Russian ministry says quasi-money ban may endanger banks, retailers

Yes to bitcoin! Russian ministry says quasi-money ban may endanger banks, retailers

According to the Ministry of Economic Development, the proposed definition lacks precision. Basically, any cash equivalents, such as gift cards and certificates, could be ambiguous, the ministry said. As a result, Russia's leading retailers, telecom operators and banks would face serious difficulties with their marketing campaigns, putting at risk development of loyalty programs to attract new customers. The ban, for instance, would hit Sberbank's "Thank you" program hard. Millions of mobile operator subscribers won't be able to collect their bonus points either. The project’s players have spoken strongly against the bill, including Russia's mobile operator giants MTS and Megafon. According to the RBK news agency, the National Payments Council said the Finance Ministry's quasi-money definition will outlaw bonuses even those of consumers who prefer to pay with plastic cards...

Full article: http://rt.com/news/218019-bill-ban-bitcoin-russia/

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