Uncategorized

Central Bank Russia: Users Bitcoin Unintentionally Violating Law

Jayanand Sagar | January 28, 2014 | 12:14 pm
Uncategorized

Central Bank Russia: Users Bitcoin Unintentionally Violating Law

Jayanand Sagar | January 28, 2014 | 12:14 pm

Russia Map Symbol

Russia and bitcoin aren’t quite getting along at the moment, with the central bank of the country (CBR) issuing a warning on the use of the virtual currency.

The statement, found here, warns of the usual perils one may encounter when getting involved (volatility, for example), and perhaps more alarming, that the use of bitcoin and other “money surrogates” are considered to be unlawful.

According to the CBR, citizens “may become involved, including unintentionally, in illegal activity such as the [unintentional laundering] of criminal gains and financing terrorism.”

While punishment for the use of “money surrogates” aren’t directly stated in Russian legislation, money laundering can carry a punishment of imprisonment for up to 15 years.

Developing.

Additional reading: RT & RIA Novosti

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