Russia bans digital currency Bitcoin

The bitcoin currency has been suspended in Russia due to increased threat of cyber criminals while using digital currency to launder funds. Money remains a state-controlled currency, so the rise of independent crypto currencies, for example bitcoin, causes it to be difficult to determine the right approach to address these complaints.

“The monitoring of the use of virtual currencies shows an increasing curiosity about them, including for the purpose of money laundering, profit obtained through illegal means,” the Prosecutor General’s Office said carrying out a meeting with the central bank of Russia. “Russia’s official currency is the ruble. The development of other kinds of currencies and also the issue of cash surrogates are banned.”

Article 27 of Russian Federal Law forbids anything apart from the Ruble for use like a currency, and therefore, this puts users of bitcoin et al in a small rut.

According to BitLegal.io, Russia joins only two other nations who have a hostile stance toward this emerging type of money: Thailand and Iceland.

It’s unclear what goes on came from here, and surely, anyone who continues to use digital currency in the united states is disobeying the law.