07 Feb '14, 7pm

Russia Bans Bitcoin

Russia doesn’t do things by halves — Bitcoin can no longer be used by individuals and legal entities anymore. If you have a Bitcoin wallet on your computer, you are now breaking the law. The Central Bank of Russia reiterated that the official currency is the Ruble, and that it considers Bitcoin a money substitute. That’s why the cryptocurrency is now banned. The reasons behind this move is that Bitcoin is reportedly used for money laundering and other criminal activities. Moreover, the Russian institution thinks that it’s a purely speculative currency and that there is a great risk of value losses. Yet, banning Bitcoin doesn’t mean that people will stop using Bitcoin overnight. As Bitcoin doesn’t rely on any physical institution but the network of miners around the world, you can’t prevent Russians from using Bitcoin. But companies that are based in Russia and are working ...

Full article: http://techcrunch.com/2014/02/07/russia-bans-bitcoin/

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Russia Bans Bitcoin via @techcrunch

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