` Bitcoins and Cyptocurrencies cannot be used in ` Russia ‘ as they carry the risk of Violating Citizen’s Rights ‘

#AceFinanceNews The use of Bitcoins and other Cryptocurrencies carries the risk of violating citizens’ property rights and cannot be used in Russia, the country’s Prosecutor General’s Office concluded after meeting with the Central Bank, FSB, and Interior Ministry.

“The monitoring of the use of virtual currencies shows an increasing interest in them, including for the purpose of money laundering, profit obtained through illegal means,” ITAR-TASS quoted the Prosecutor General’s Office as saying.

“Russia’s official currency is the Ruble. The introduction of other types of currencies and the issue of money surrogates are banned,” the statement says, meaning that Cryptocurrencies – the most popular of which is Bitcoin – cannot be used by Russian citizens or corporations.

Members of the meeting also outlined recommendations on how to prevent the use of virtual currencies.

Last month, Russia’s Central Bank (CBR) warned people against using virtual currencies, as they could be tied to gangs involved in money laundering and terrorist financing. CBR issued a statement stating that virtual currencies are illegal under Article 27 of the federal law ‘On the Central Bank of the Russian Federation.’

Bitcoin is an independent currency which is not regulated by a government and therefore “carries a high risk in devaluation.”


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