Reports: Russia plans on banning Bitcoin, again reversing stance

Sunday, 03/08/2014 | 14:28 GMT by Leon Pick
Reports: Russia plans on banning Bitcoin, again reversing stance

After effectively removing the prohibition on Bitcoin one month ago, there are rumors circulating that Russia will once again reverse its stance and reinstate its ban of cryptocurrency.

RIA Novosti reports that a draft law from Russia's Finance Ministry proposes that substitutes to the legal currency, such as digital currency, be banned due to their potential for illegal use in the underground economy and money laundering.

The prohibition would include not just the creation or issuing of such currencies, but even dealing in them. Included would be a ban on using virtual currencies as a means to Exchange between the ruble and foreign currencies.

The reports come at a time when the Russian Ruble has resumed its decline against USD amid rising tensions with neighboring Ukraine. It last traded at 0.02797 USD and has been trending closer to its 5-year low of 0.027 USD set in early March.

After effectively removing the prohibition on Bitcoin one month ago, there are rumors circulating that Russia will once again reverse its stance and reinstate its ban of cryptocurrency.

RIA Novosti reports that a draft law from Russia's Finance Ministry proposes that substitutes to the legal currency, such as digital currency, be banned due to their potential for illegal use in the underground economy and money laundering.

The prohibition would include not just the creation or issuing of such currencies, but even dealing in them. Included would be a ban on using virtual currencies as a means to Exchange between the ruble and foreign currencies.

The reports come at a time when the Russian Ruble has resumed its decline against USD amid rising tensions with neighboring Ukraine. It last traded at 0.02797 USD and has been trending closer to its 5-year low of 0.027 USD set in early March.

Topics
Russia
ruble
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