“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,” Gabriela Baczynska reports for Reuters.

“‘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 General’s Office said on February 6,” Baczynska reports. “Russia’s central bank also said on January 27 that Bitcoin trade was highly speculative and that the unit carried a big risk of losing value. ‘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.”

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