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Russia plans own cryptocurrency, would ban bitcoin

Discussion in 'Market News' started by Eliza Abrams, May 27, 2016.

  1. Eliza Abrams

    Eliza Abrams Well-Known Member Trader

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    Russia is planning the introduction of its own national cryptocurrency and the banning of bitcoin and all other existing ones, reports the Russian business daily Kommersant.

    According to sources of the media from the Federal service for financial monitoring (Rosfinmonitoring), the cryptocurrency will be tightly regulated, its issuers – licensed, exchanging – subject to rules and anonymous payments with it – next to impossible. The new currency would probably lower the cost of financial transactions and provide better protection of the diligent consumes. Russia is also planning to ban the use of all other existing cryptocurrencies because they may be used for financing of terrorism, other criminal activities and money laundering.

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