28 Jan '14, 10am

Russian Central Bank warns against using Bitcoin

Russian Central Bank warns against using Bitcoin Published time: January 28, 2014 10:28 Edited time: January 28, 2014 11:17 Get short URL Reuters / Pawel Kopczynski Tags Banking , Bitcoin , Currencies , Economy , Russian economy Russia’s top financial regulator is warning citizens against using virtual currencies, as they could be tied to gangs into money laundering and terrorist financing. The Central Bank warning follows bans by China and Europe on “dubious” cryptocurrencies. The Russian Central Bank (CBR) issued a statement late Monday warning that virtual currencies, or “money surrogates” are illegal under Article 27 of the Federal Law “On the Central Bank of the Russian Federation”. Bitcoin is an independent currency, not regulated by a government, and therefore “carries a high risk in devaluation”. Due to the anonymous nature of virtual currencies, the bank warns Rus...

Full article: http://rt.com/business/bitcoin-warning-russia-bank-280/

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