Russia Bans Bitcoin: Price Still Hovering Around $700

Written by :

Aaron Goldstein

Published on :

9 February, 2014

Russia banned the bitcoin this weekend, concluding a highly tumultuous week for the anonymous digital currency.

Russia’s Prosecutor General’s Office announced this weekend: “Systems for anonymous payments and cyber currencies that have gained considerable circulation — including the most well-known, Bitcoin — are money substitutes and cannot be used by individuals or legal entities.”

The statement claims that this is because cyber currencies could intentionally or unintentionally lead to money laundering as well as the funding of terrorism.

Bitcoin endured other bad news in recent days with one of the largest exchanges, Mt.Gox temporarily ceasing withdrawals over the weekend and the Australian tax authority announcing it would start to clamp down on undisclosed capital gains and GST at tax time this year.

The average price of bitcoin on all exchanges was now 701.08 USD.

- Aaron Goldstein, Gambling911.com

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