The Official Statement of Russia on Cryptographic Currencies

The Bank of Russia remarks that so-called “virtual currencies”, in particular Bitcoin, have received a definite distribution in the world recently.

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The Official Statement of Russia on Cryptographic Currencies

On Monday, the 27th of January, 2014, the press-service of the Central Bank of Russia has released an issue on the use of “virtual currencies”, including Bitcoin, in performing of deals. The press release translated from Russian says:

 “The Bank of Russia remarks that so-called “virtual currencies”, in particular Bitcoin, have received a definite distribution in the world recently. “Virtual currencies” lack provision and legally obliged subjects. The operations with them have a speculative character, are performed on the so-called “virtual exchange services” and carry a high risk of loss of value."

The Bank of Russia warns citizens and legal entities, first of all, credit institutions and non-credit financial organizations, form usage of “virtual currencies” as an exchange matter for goods (work, services) or bankroll in rubles or foreign currency.

According to the 27 clause of the Federal Law “About the central Bank of Russian Federation (Bank of Russia)” the emission of money surrogates is prohibited on the territory of the Russian Federation.

Due to anonymous character of the activity of emission of “virtual currencies” by an unlimited circle of subjects and their use for completion of operations, citizens and legal entities might be, even involuntarily, involved in unlawful activity, including the legalization (laundering) of income, received in a criminal manner, and financial terrorism.  

The Bank of Russia warns that the providing of services of exchange of “virtual currencies” to rubles or foreign currencies to Russian legal entities, as well as exchange towards goods (work, services) is considered as a potential involvement in performance of doubtful operations in accordance with the legislation about the opposition to the legalization (laundering) of income, received in a criminal manner, and financing of terrorism.”

The Coin Telegraph is going to follow the situation and possible further issues on the matter, as well as provide excessive report.

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