Russia to ban Bitcoin?


bitcoin, Bitcoin ponzi scheme, crypto-currency, Russia bitcoin

Bitcoin has had a good share of its market buzz the previous week with many developments, most notable of which is the news about the potential ban of the crypto-currency by Russia. Others include the pioneer bitcoin ponzi scheme perpetrator pleading not guilty as well as the IT school that got attacked with ransomware.

Russia to ban Bitcoin: Alexey Moiseev, Russia’s Deputy Minister of Finance said in a national banking conference that the country will likely ban Bitcoin this year. Evidently, the Ministry of Finance is so determined to move ahead with this proposed ban of Bitcoin. Despite oppositions coming from the Ministry of Economic Development, who made it clear if the ban holds there will some ramifications, spelling out no cryptocurrency related businesses.

IT school attacked by ransom-ware: The Information Technology network of Swedesboro-Woolwich School District in Gloucester County, New Jersey, has been crippled by a ransom-ware. Reportedly,  500 bitcoins were demanded, which is a total worth of about $122,500. Reports show that operational activities in the schools have been disrupted. These operational activities include Documents, E-mails and some online resources, apparently got the rendering of these operations got inaccessible. Hence, various issues occurred, such as putting the online exams of Partnership for Assessment of Readiness for College and Careers (PARCC) on hold.

Trendon shavers and the ponzu scheme verdict: Trendon Shavers, accused of being the operator of the first high profile bitcoin Ponzi scheme, the world has ever had, has pleaded not guilty.  According to the reports, he was operating under the alias pirate40 and from the online forum he recruited investors. The company which he operates amassed 764,000 bitcoins. He disappeared from the public eye in August 2012 and is accused of transferring 150,649 BTC to an MtGox trading account and misappropriating over $600,000 worth for personal use. He was arrested last year and faced a potential of up to 40 years in prison, including substantial fines.

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