Russia Bans Bitcoin

mask.of.sanity writes "Russia has banned digital currency Bitcoin under existing laws and dubbed use of the crypto-currency as 'suspicious'. The Central Bank of Russia considers Bitcoin as a form of 'money substitute' or 'money surrogate' (statement in Russian) which is restricted under Russian law. However, unlike use of restricted foreign currencies, Bitcoin has been outright banned. The US Library of Congress has issued a report examining the regulatory approaches national financial authorities have taken to the currency."

Comments

Yay, another Bitcoin story!

[Powercntrl]

Seems like every day or so, Slashdot has to remind me how I severely underestimating the stupidity of people when I first found out about Bitcoin. "That is the dumbest thing I've ever heard, who would actually be stupid enough to pay real money for digital coins?", I thought to myself.

Of course, a metric fuckton of people listen to Justin Bieber, too, so I should've realized a lot of people would fall for this moronic ponzi scam. I'm not sure of Bieber's popularity when Bitcoin was announced, so perhaps that's why it didn't dawn on me at the time.

But anyway, I'm not making the same mistake twice. I bet the Slashdot beta will be a fucking smash. No, not with the current crowd crowd of users, but with the Bitcoin loving, Justin Bieber listening crowd. Dice will make bank, I'm sure of it. Now, if only there was a way to cash in on this knowledge...