News From The Crypto Currencies Scene

Bitcoin Banned in Russia

Bitcoin Banned in Russia

Russia has recently banned the cryptocurrency Bitcoin and has made it illegal for use by individuals and legal entities within its territories. According to Russian law enforcement, even having Bitcoin in your personal computer means you're breaking the law. The position is an initiative from the Central Bank of Russia which has confirmed it only recognizes the Ruble as the official currency and Bitcoin a money substitute.

The Russian Central Bank is concerned that the Bitcoin could be used for money laundering, financial fraud and other illegal activities. On top, it has warned that virtual currencies have a very high risk factor due to its speculative nature.

The fact that Bitcoin has been banned throughout Russia does not mean it's usage has stopped overnight. Since the cryptocurrency doesn't exist on the physical realm it can survive any bans as long as it continues being mined, traded and exchanged.

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