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February 8, 2014 12:16 am GMT
Russia doesn’t do things by halves — Bitcoin shouldn’t be used by individuals and legal entities according to a recent statement. If you have a Bitcoin wallet on your computer, the Government will be suspicious. The Central Bank of Russia reiterated that the official currency is the Ruble, and that it considers Bitcoina money surrogate. That’s why the cryptocurrency should be aboided Here’s an abstract of the statement translated using Google Translation: According to Article 27 of the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” release on the territory of the Russian Federation of surrogates is prohibited. [] The Bank of Russia has warned that Russian legal entities providing services for the exchange of “virtual currency” in rubles and foreign currency, as well as for goods (works, services) will be considered as a potential involvement in the implementation of suspicious transactions in accordance with the legislation on counteraction to legalization (laundering) proceeds of crime and financing of terrorism. Here’s the article 27: Article 27. The official currency (currency) of the Russian Federation is the ruble. One ruble is divided into 100 cents. Introduction to the territory of the Russian Federation and other monetary units issue money substitutes prohibited. The Central Bank issued a clarification, not a new rule. In other words, with existing laws, transactions in Bitcoin are seen as “potentially suspicious.” The reasons behind this move is that Bitcoin is reportedly used for money laundering and other criminal activities. Moreover, the Russian institution thinks that it’s a purely speculative currency and that there is a great risk of value losses. Yet, telling people to avoid using Bitcoin doesn’t mean that people will stop using Bitcoin overnight. As Bitcoin doesn’t rely on any physical institution but the network of miners around the world, you can’t prevent Russians from using Bitcoin. But companies that are based in Russia and are working in the Bitcoin industry should at least consider relocating. They will probably be the first tracked entities by the Russian government. While harsh, this decision shouldn’t come as a surprise. Bitcoin was designed to be unregulated. But over time, many countries and official institutions have decided to try and regulate it. For example, in August, a federal judge in Texas has declared that Bitcoin is a currency and should be regulated just like euros or U.S. dollars. Similarly, New York’s financial services stated that
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/FV1trKGDqCI/
Russia Says Bitcoin Should Be Avoided [Updated]
Russia doesn’t do things by halves — Bitcoin shouldn’t be used by individuals and legal entities according to a recent statement. If you have a Bitcoin wallet on your computer, the Government will be suspicious. The Central Bank of Russia reiterated that the official currency is the Ruble, and that it considers Bitcoina money surrogate. That’s why the cryptocurrency should be aboided Here’s an abstract of the statement translated using Google Translation: According to Article 27 of the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” release on the territory of the Russian Federation of surrogates is prohibited. [] The Bank of Russia has warned that Russian legal entities providing services for the exchange of “virtual currency” in rubles and foreign currency, as well as for goods (works, services) will be considered as a potential involvement in the implementation of suspicious transactions in accordance with the legislation on counteraction to legalization (laundering) proceeds of crime and financing of terrorism. Here’s the article 27: Article 27. The official currency (currency) of the Russian Federation is the ruble. One ruble is divided into 100 cents. Introduction to the territory of the Russian Federation and other monetary units issue money substitutes prohibited. The Central Bank issued a clarification, not a new rule. In other words, with existing laws, transactions in Bitcoin are seen as “potentially suspicious.” The reasons behind this move is that Bitcoin is reportedly used for money laundering and other criminal activities. Moreover, the Russian institution thinks that it’s a purely speculative currency and that there is a great risk of value losses. Yet, telling people to avoid using Bitcoin doesn’t mean that people will stop using Bitcoin overnight. As Bitcoin doesn’t rely on any physical institution but the network of miners around the world, you can’t prevent Russians from using Bitcoin. But companies that are based in Russia and are working in the Bitcoin industry should at least consider relocating. They will probably be the first tracked entities by the Russian government. While harsh, this decision shouldn’t come as a surprise. Bitcoin was designed to be unregulated. But over time, many countries and official institutions have decided to try and regulate it. For example, in August, a federal judge in Texas has declared that Bitcoin is a currency and should be regulated just like euros or U.S. dollars. Similarly, New York’s financial services stated thatOriginal Link: http://feedproxy.google.com/~r/Techcrunch/~3/FV1trKGDqCI/
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