08 Feb '14, 12pm

Russia bans Bitcoin, labels it a “money substitute”: In another hectic week for the virtual currency, the Cent...

Russia bans Bitcoin, labels it a “money substitute”: In another hectic week for the virtual currency, the Cent...

You have to feel sorry for Bitcoin users trying to keep up with their favorite cryptocurrency, as every week its fortunes seem to swing up and down. In the past 24 hours, Russia has officially banned the use of Bitcoin in a ruling that labels it a “money substitute” — essentially, if you have a Bitcoin wallet on your computer in Russia, you’re breaking the law. The official statement (fire up your Google Translate plugins) notes that virtual currencies such as Bitcoin have been associated with criminal money laundering, and this is part of the reason why the authorities have clamped down on their use. The announcement also makes reference to Bitcoin’s “lack of security” and fluctuating value. This doesn’t mean that Bitcoin will disappear overnight from Russia: as TechCrunch points out , it’s likely to be only companies using Bitcoin and located in the country who will be t...

Full article: http://www.digitaltrends.com/cool-tech/russia-bans-bitcoi...

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