Skip to main content

Breaking: Russia Will Block Bitcoin Exchange Websites, Says Central Bank Official

Bitcoin 

According to a Reuters report, Sergei Shvetsov – first deputy governor of the Central Bank of Russia (CBR) has stated today that Russia will block access to websites belonging to exchanges and trading platforms offering cryptocurrencies like bitcoin.

The central bank official was speaking at a financial markets conference today when he pointed to the “dubious” nature of bitcoin – as an investment instrument for retail investors.

He stated:

We cannot stand apart. We cannot give direct and easy access to such dubious instruments for retail (investors).


The central bank deputy governor’s comments are in contrast to those offered by Russia’s finance minister Anton Siluanov last month. Speaking at a financial forum in Moscow at the time, Siluanov called for the Russian government to accept the reality cryptocurrencies permeating into society. “There is no sense in banning them, there is a need to regulate them,” stated Russia’s finance minister less than a month ago.

However, according to the central banker, the blockade is to protect retail everyday investors from bitcoin’s volatility.

He said:

We think that for our citizens, for businesses the usage of such cryptocurrencies as an investment object carries unreasonably high risks.


Russia’s Bitcoin e-Bans

In early 2016, European bitcoin exchanges Bitstamp and BTC-e were blocked temporarily by Roskomnadzor,  Russia’s telecom regulator, effectively putting the domains in a blacklist shared by all Russian ISPs.

The telecom regulator has also blocked access to multiple bitcoin-related websites in 2015 in anticipation of a legislative ban on bitcoin that never came to pass. The blockade was soon overturned in a Russian court. In September 2016, the regulator blocked access to popular peer-to-peer bitcoin trading platform LocalBitcoins.

Shvetsov’s revelatory comments on the central bank’s stance on cryptocurrencies coincide with similar recent statements by Russia’s deputy finance minister Alexei Moiseev. In a televised interview in August, Moiseev compared cryptocurrency investments to that of a “high-risk” financial pyramid, ahead of regulations expected in 2018. Moisev also revealed that regulations could allow “only qualified investors to buy and sell [bitcoin]” in exchanges in the country.

Labels:

Comments

  1. Clara MellorNovember 20, 2017 at 2:00 AM

    • Asian stocks resumed last week’s slide in early trading Monday amid signs of fatigue following a stellar year for the region’s equities.
    Share Tips Expert

    ReplyDelete

Post a Comment

Popular posts from this blog

Soaring Bitcoin Price Leads $159 Billion Crypto Market Recovery

Bitcoin  Well, somebody bought the dip. Just as critics were rushing to proclaim that the bitcoin bubble had burst, the markets staged a $159 billion recovery. The rally was headlined by the bitcoin price, which rebounded from its sub-$10,000 fling and is currently flirting with $12,000. Several other top-tier coins, meanwhile, returned single day increases in excess of 40 percent. Source: CoinMarketCap Altogether, the  cryptocurrency market cap  clawed its way back to $574 billion, representing a 38 percent recovery from Wednesday’s intraday low of $415 billion. Bitcoin Price Eyes $12,000 Wednesday served as a trial-by-fire for recent bitcoin investors, some of whom had purchased the flagship cryptocurrency for $19,000 at the height of the rally in mid-December. Bitcoin Price Chart The correction forced the  bitcoin price  below $10,000 for the first time since early December, but Thursday’s rally enabled bitcoin to regain a bit of the ground it had lo
75 comments
Read more

Bitcoin Laundering” Study: Where Do Criminals Turn to Mask Illicit Cryptoassets?

A recent study ( PDF ) from the Foundation for Defense of Democracies’ Center on Sanctions and Illicit Finance and blockchain analytics company Elliptic explored the “bitcoin laundering” ecosystem. In the study, Elliptic’s forensic analysis of the Bitcoin blockchain and other publicly available data were used to track the flows of illicit funds from 2013 to 2016. “This study aimed to identify where individuals turn in order to cash out or transmit bitcoins (BTC) acquired from illicit entities and to discover typologies for criminals ‘laundering’ bitcoins,” the report says. The study describes bitcoin laundering as a special type of money laundering that exists within the Bitcoin network where a user moves some bitcoins to a new address in a manner that obscures the original source of funds. The conversion of bitcoins into fiat currency on exchanges that lack adequate anti-money laundering (AML) and know-your-customer (KYC) policies can also fall under the category
97 comments
Read more

Bitcoin Brokers Reviews for Learning Trustworthy Brokerage Firm

When you are trading the cryptocurrency it is necessary to have accessibility to a relied on brokerage company. Though there are lots of brokerage companies available that can be counted upon, figuring out the one that can additionally ensure you attractive returns are essential. Undeniably with Bitcoin brokers’ testimonials you could do it fairly precisely. Bitcoinbrokers are services provider that allow you to buy Bitcoin anonymously for buyers, and also market Bitcoin at a premium. For customers of Bitcoin you will be provided a financial institution account with name, account number and directing information. You transfer loan right into the account to obtain Bitcoin in return. This is lot even more easier now than a pair of years ago. It goes without saying delving into Bitcoin profession is not as very easy as it seems. You require to do research, have an enough understanding of how the profession goes. Additionally, you should understand the sort of people that you are going
50 comments
Read more