Sunday, February 9, 2014

Russia bans Bitcoin as 'money substitute'


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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