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Over the past three months a seemingly endless and often contradictory series of pronouncements on the subject have emerged from the central bank, various ministries and the Kremlin itself. One day virtual currencies are a pyramid scheme and a facilitator of criminal activity, the next they are a valuable growth industry and potential funding tool. And vice versa.
Clearly, this dilemma is not unique to Russia. To date, the number of countries where politicians and regulators have come up with a clear stance on a new technology whose implications and indeed workings are little understood can be counted on the fingers of at most two hands.
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