Ulmart: Russia's Internet-Retailer Leader Forced to Shelve Bitcoin Plans - WNEM TV 5

Ulmart: Russia's Internet-Retailer Leader Forced to Shelve Bitcoin Plans

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MOSCOW, February 11, 2014 /PRNewswire/ --

Up until a few days ago, Russia's leading internet retailer with sales of $1.2 billion in 2013 had planned on becoming the first major retailer in all of Europe to permit the Bitcoin as an accepted form of payment.  Company executives were expected to decide on its official introduction by the end of February which would have permitted consumers to begin purchasing items online by the end of the summer.

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Plans were shelved however after the Central Bank of the Russian Federation made the following statement: "The Bank of Russia warns that any companies accepting the Bitcoin for the sale of items or the receipt of foreign currency could lead to them being considered practicing questionable activities such as the laundering of money or the financing of terrorism."

Company policy at Ulmart obligates it to heed to the words spoken by the head of financial regulation in the country.  Ulmart is a law-abiding company and does its utmost to support the existing laws and regulations put forth by the government.

Brian Kean, the Communications Director for Ulmart commented: "At the same time, I truly hope that the authors of this "very interesting experiment"-to quote Herman Gref, the head of Russia's Sberbank-will work tirelessly to demonstrate to the doubters that the Bitcoin is not used only for such illegal and questionable activities.  I would hope that one fine day the Bitcoin will be accepted by all countries and banks."

As the largest internet-retailer in Russia, it seemed an obvious expansion of the company creed to maximize all technologies designed to make shopping at Ulmart online stores always an experience that is ahead of the curve in technology and a pleasure for consumers.  Three days after Ulmart made their announcement to use the Bitcoin, the Central Bank officially published its warning:  "Sure, our decision might have pushed them to act, but, at least now we know where they stand and so it makes it easier for all companies going forward."

Contact: Brian Kean +7(812)336-3777

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