Russia said to Ban Bitcoin

Russia has completely banned Bitcoin, the cryptocurrency that’s taken the world by storm.

The Central Bank of Russia has reiterated that the official currency is the Ruble and that Bitcoin is viewed as a money substitute, which is why the digital currency is now officially banned.

The decision comes as a result of the many cases when Bitcoin was used for money laundering and other criminal activities. Of course, this hasn’t been proven thus far in a court of law and these are mere allegations at this point, but chances are authorities are right about this topic.

However, it’s going to be rather difficult for Russian users of Bitcoin to comply to the new laws overnight. Given the fact that Bitcoin is a free currency and doesn’t really rely on any physical institution in Russia, users may be able to fly under the radar.

Companies based in Russia that work with Bitcoin, however, will be affected and they’ll need to move base if they want to continue their activity