Sunday 9 February 2014

Russia bans Bitcoin as 'money substitute'

Russia bans Bitcoin as 'money substitute'
Feb 9th 2014, 17:44, by Ellis Hamburger


Russia's Prosecutor General's Office recently made its stance on Bitcoin abundantly clear. "Systems for anonymous payments and cyber currencies that have gained considerable circulation — including the most well-known, Bitcoin — are money substitutes and cannot be used by individuals or legal entities," the office said in a recent press release reported by Reuters. Any use of Bitcoin will be considered "potentially suspicious," as the Russian government has linked Bitcoin usage to illicit activities.

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