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Russian authorities say Bitcoin illegal

09
Feb
2014

Russian authorities have issued warnings against using Bitcoin, saying the virtual currency could be used for money laundering or financing terrorism and that treating it as a parallel currency is illegal. 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 Russian Prosecutor Generals Office said on February6. Citizens and legal entities risk being drawn – even unintentionally – into illegal activity, including laundering of money obtained through crime, as well as financing terrorism, it warned. The Bitcoin community in the United States, far more developed than the one in Russia, has already come under intense scrutiny as authorities crack down on illegal activity carried out using the digital currency.

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