Join over 94,000 students, learn all you need to know about Bitcoin. One Cyprus bitcoin a Day, 7 Days in a Row. Despite all the initial Bitcoin buzz in the country, Cyprus is not ready to fully accept Bitcoin after all. The European nation’s central bank released a statement where it considers that digital coins are not legal tender and disapproves any cryptocurrency-related activity.
Cyprus is following the steps taken by several European countries like France or the Scandinavian nations. The country’s authority warned the 1. Bitcoin is not backed by any government, is volatile and can be used to launder money and finance criminal activities. The announcement comes as a surprise, as Cyprus was one of Bitcoin’s safe havens in Europe.
The country actually is the home of the the University of Nicosia, the world’s first accredited institution to accept cryptocurrency from its students as a payment option for tuition and course materials. The island was believed to be the perfect hub to boost the adoption of the digital coin and the development of Bitcoin startups. According to The Swedish Daily News, the offenders completed most of the deals online, but the findings might multiply in the coming weeks. The cybercrimes unit at the National Criminal Investigation Department apparently uncovered several cases of criminal activity involving the use of digital money. Back in December, four people were convicted of smuggling drugs in the Swedish city of Haparanda and a large amount of BTC was found in the computer of the main suspect. Bitcoin Video Crash Course Join over 94,000 students and know all you need to know about Bitcoin. One email a day for 7 days, short and educational, guaranteed.
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