Russians Set To Ban Bitcoin?
By Brian Cullingworth, Last updated Aug 8, 2014
Ministry of Finance has announced that it is working on a draft measure banning Bitcoin and related activity
It appears that the Russians have decided that the volatile virtual currency Bitcoin is not for them; this week the Ministry of Finance announced that it is currently drafting a bill that will prohibit the issue or use of the currency in terms of Article 27 of federal Russian law.
The Ministry notes that in terms of that legislation the official Russian currency is the ruble, controlled through the Central Bank of the Russian Federation, and the issue of monetary surrogates is specifically forbidden.
The glitch is that the term "monetary surrogates" is not specifically defined, necessitating the additional drafting.
The Russian objection to virtual currencies like Bitcoin is that these instruments are allegedly widely used in illegal goods and money laundering activities, and pose a danger to consumers in that they have no real value. Additionally, there is the inherent risk that investors could lose money in dealings in such surrogates.
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Infopowa news was a staple of Casinomeister’s news from 2000 until 2019. Brian Cullingworth was the main writer, contributor, and was one of the most knowledgeable persons I have ever known involved in the online casino industry.
We first met in January 2001 at the ICE in London where I observed him going booth to booth interviewing online casino, software, and licensing jurisdiction representatives. Brian was also heavily involved with our forum as “Jetset“, he was involved as an informal consultant to eCOGRA, the OPA, and was a player advocate who assisted countless aggrieved players with his connections to industry folks. He also published “Casino Cautions” via Infopowa news for quite a number of years. These can be found in our news archives.
His passing in February 2019 was a dark day for us. He will be forever missed.
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