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Russia bans bitcoin currency, other countries might follow suit

The Russian government has clamped down on the bitcoin currency, believing it's too easy for criminals to use the currency to commit money laundering.

Published Sat, Feb 8 2014 12:16 PM CST   |   Updated Sat, Aug 8 2020 10:29 AM CDT

The bitcoin currency has been banned in Russia due to increased threat of cyber criminals using the digital currency to launder funds. Money remains a state-controlled currency, so the rise of independent crypto currencies, such as bitcoin, makes it difficult to determine the right method to address these problems.

Russia bans bitcoin currency, other countries might follow suit | TweakTown.com

"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," prosecutors told Russian media.

Bitcoin adoption has been a rather confusing effort, with an increasing amount of retailers accepting the digital currency - while government officials in the United States and overseas try to figure out what to do. The U.S. Department of Justice accusing a major bitcoin supporter of money laundering related to the online Silk Road marketplace. The national governments in China and India have expressed concerns related to bitcoin, while the United States is following closely but doesn't appear ready to ban the currency.

NEWS SOURCE:rt.com

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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