Russian Federation to Block Access to All Cryptocurrency Exchange Websites

Russia's Central Bank Backs Move to Block Bitcoin Websites                          Oct 10 2017 at 12:30 UTC by Rachel Rose O'Leary

Russia's Central Bank Backs Move to Block Bitcoin Websites Oct 10 2017 at 12:30 UTC by Rachel Rose O'Leary

Speaking at a separate conference in Moscow, Sergei Shvetsov, the first deputy governor of Russia's central bank, said investors needed to be protected from "dubious" currencies. The president spoke with the Bank of Russia's Governor, Elvira Nabiullina, the country's Finance Minister Anton Siluanov, and a Kremlin economic aide named Andrey Belousov. Enthusiasm for digital currencies in Russian Federation has been growing and the Finance Ministry has called for legalizing them.

Speaking at a conference on financial market derivatives, Shvetsov said while referring to the household "We can not stand apart". As the cryptocurrencies "are issued by an unlimited number of anonymous sources", in case of any problems, including "system malfunctions" or emerge of currency bubbles, there will be no one liable, Putin warned.

Russian Federation is the latest country to launch a crackdown on cryptocurrency use. "Risks are high when businesses want to invest in crypto-currency", Shvetsov endorsed.

The Financial Times on Tuesday reported that Putin said cryptocurrencies like bitcoin pose "serious risks" and allow for people to "launder criminally obtained money, evade taxes and even finance terrorism, as well as, of course, perpetuating fraudulent schemes that obviously may affect ordinary citizens". In addition, Putin called for legal guarantees for anyone using this type of financial instrument. "It's also important not to put up too many barriers".

The Finance Ministry has been noticeably more open to the idea of virtual coin than the central bank. According to Interfax, Shvetsov compared what's now happening in digital currencies to a pyramid scheme, saying: "Obviously, during the growth of the pyramid, interest in this pyramid is fueled by high profitability".

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