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bitcoins-660According to reorts of Russian news organization Russia Today (RT), Russia will pass a Bitcoin ban within the next year, and it could happen as soon as the current parliament session.

The information came through the Deputy Finance Minister Aleksey Moiseev Moscow:

“We will discuss this law in the current session of parliament, and possibly even pass it then, or at the very latest by spring next year. We are currently dealing with comments from the law enforcement agencies, about the specifics of legal measures, and we will take their remarks into account. But the overall concept of the law is set in stone.”

The overall idea of the ban is to thwart the potential use of the currency in funding terrorism, buying illicit goods and rendering illicit services and money laundering.

If the ban goes through, It will make Russia the 3rd country to officially attempt a Bitcoin ban, the others being Ecuador and Bolivia.

Ecuador is looking at creating its own digital currency, along with Mexico, and this merits the ban as the copy would rather not compete with the original in the future. It would appear competition and any nation’s “sovereign currency” do not go together, as far as governments is concerned.

Source: cryptocoins news