AfterDawn: News

Russia bans Bitcoins

While you were probably distracted by the start of the Sochi Winter Olympics in the nation, the Russian Prosecutor General's office has quietly released a statement banning the Bitcoin digital currency in the nation.

Reads the statement: "Bitcoin is a money substitute and cannot be used by citizens and legal entities."



In their statement, the office cited a 2002 law by Russian President Vladimir Putin that "the official currency of the Russian Federation is the ruble. Introduction of other monetary units and money substitutes is prohibited."

Russia has moved away from virtual/cryptocurrencies despite growing popularity, mainly because "its price is determined solely by speculative actions that entails a high risk of loss," and because its relative anonymity has led to more criminal use.

Written by: Andre Yoskowitz @ 8 Feb 2014 19:27

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• 5 comments

• dEwMe

  Hehehe if I had any Bitcoins I'd be selling them now. I just see people waking up one morning soon and they will be worth nothing.
  

  Just my $0.02,
  
  dEwMe

  10.2.2014 10:43 #1

• GryphB

  Meh. Glad I have nothing to do with this crap.

  10.2.2014 20:18 #2

• KillerBug

  Quote:Russia has moved away from virtual/cryptocurrencies despite growing popularity, mainly because "its price is determined solely by speculative actions that entails a high risk of loss," and because its relative anonymity has led to more criminal use. NO...Russia has BANNED the use of bitcoins because they cannot just print billions of them whenever they feel like it, and if there is a good alternative their fake money will be useless.
  

  
  

  10.2.2014 20:23 #3

• iKronic

  Originally posted by dEwMe: Hehehe if I had any Bitcoins I'd be selling them now. I just see people waking up one morning soon and they will be worth nothing. Same here. Bitcoin skyrocketed in one week and dropped the next. Very unreliable "currency".
  
  I would definitely stand behind Gold though :-)

  15.2.2014 08:09 #4

• omendata

  I like the Russians they are not afraid to say what they think and dont fall for nonsense like Bitcoins - its been hacked 3 times so far last month and there are so many glaring holes in its security you must be mad to buy into this crap.
  
  

  16.2.2014 22:40 #5