Russia to ban websites offering crypto-currencies – Research Snipers

Russia to ban websites offering crypto-currencies

Websites of exchanges that offer crypto-currencies such as Bitcoin, to be blocked in Russia, said Sergei Shvetsov, First Deputy Governor of Russian Central Bank on Tuesday.

Financial authorities in Russia declared any sort of money which is not approved by the state institutions as illegal they could be used to launder money. They called them “dubious”.

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Russian authorities have acknowledged the global boom in the market of crypto-currencies, but they want to control the usage of that currency or limit the access to the market.

“We can’t stand apart. We cannot give the easy and direct access to untrustworthy instruments (crypto-currencies) for investors,” Sergei Shvetsov said during the statement.

While talking at a conference, Sergei Shvetsov said that the central bank sees rising people’s interest in crypto-currencies because of high returns from buying into such uncertain instruments. He warned that crypto-currencies have become the high-yielding assets from being a fast and easy mean of payment.

The most well-known crypto-currency, bitcoin, which was initially launched in 2010, last traded at $4,807, its price was less than $1 when it was launched.

“We think that the use of such virtual money as an investment carries unreasonable high risks for our citizens, for businesses as well,” he added.

Russian Financial Authorities said that in the earlier days of the coming year they would like to regulate the usage of crypto-currencies (Virtual Money) with the help of citizens and companies in Russia.