Russia is trying to outlaw the use of Bitcoin

Bitcoin, the first and most well know cryptocurrency out there, has been the center of any debates since it first drew public attention late last year. The virtual currency bypasses the financial systems that sovereign nations have established. It’s completely decentralized and is accessible to anyone with a computer.

Many countries have tried taxing Bitcoin as foreign income or have outright banned it entirely, anything they can do to curb its usage. These countries often draw attention to how popular the virtual currency is as a payment for illegal transactions. According to a recent bill that Russia’s Finance Ministry is preparing, Russia is one of these countries.

“The Ministry proposes to establish a ban on the issue of money substitutes, including in electronic form. Also proposes to clarify the provisions of the law on the Central Bank of the Russian Federation, extending the ban not only on the issue of money substitutes, but also to conduct operations with them,” according to RIA Novosti.

“Among the possible limitations – a ban on the use of surrogates as a means of payment or to exchange for rubles or foreign currency. In addition, the Finance Ministry proposes to introduce administrative or criminal responsibility for the production and implementation of monetary surrogates operations with them, and to restrict access to information resources, providing production and operations with surrogates.”

Read more about the story at The Daily Dot.

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Bitcoin, the first and most well know cryptocurrency out there, has been the center of any debates since it first drew public attention late last year. The virtual currency bypasses the financial systems that sovereign nations have established. It’s completely decentralized and is accessible to anyone with a computer. Many...