Friday, February 7, 2014

Russia bans bitcoins

If you’re going to the Sochi Olympics in Russia, don’t bring bitcoins. Yesterday the Russian Prosecutor General’s office released a statement that clearly prohibits Russians from using the new digital currency.

“Bitcoin is a money substitute and cannot be used by citizens and legal entities,” the agency’s press release reads.

The Russian law enforcement agency cited an existing 2002 law signed by Russian President Vladimir Putin that reads, “the official currency of the Russian Federation is the ruble. Introduction of other monetary units and money substitutes is prohibited.”


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