Its Central Bank Russias repeated that the official currency of the country is the ruble and that the Bitcoin it is seen as a substitute for money, and that is why the digital currency was officially banned.
The decision came as a result of the many cases where Bitcoin has been used for money laundering or other criminal activities. Of course, this will have an impact on the companies that are based in Russia and wish to do business with Bitcoins, as well as the exchange rate of the digital currency against the dollar.
However, it will be rather difficult for Russian Bitcoin users to comply with the new laws. Considering the fact that Bitcoin is a currency whose property can not invoke any physical foundation in Russia, its users will probably continue trading below the table.
