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Updated 16:28 23/09/20

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Russian Central Bank effectively bans Bitcoin

Adam Pike, News Editor
30 Jan 2014, 12:17 p.m.

The Russian Central Bank was warned both banks and non-banking financial companies to avoid using crytocurrencies. The bank added that any financial institutions using such “money surrogates” will be considered “suspicious”.

The Central Bank also cited money laundering and terrorist activity as further reasons for individuals to avoid the use of such currencies. In effect by making these announcements the Russian Central Bank has placed a ban on crytocurrencies.

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