Andre Yoskowitz
8 Feb 2014 19:27
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.