Russia to obstruct usage of websites offering crypto-currency exchanges

Russia will prevent usage of websites of exchanges offering crypto-currencies such as Bitcoin, Russian Central Loan provider First Deputy Governor Sergei Shvetsov said on 10 Oct.

He called them “dubious”. Russian financial government bodies at first cared for any kind of money released by non-state approved companies as illegal, expressing they may be used to launder money.

Later the regulators accepted the globally flourishing market of crypto-currencies but want to either control the turnover or even to limit usage of the market.

“We can not stand apart. We can not give immediate and quick access to such dubious devices for retail (traders),” Shvetsov said, discussing households.

Speaking at a meeting on financial market derivatives, Shvetsov said the central loan company sees rising fascination with crypto-currencies because of high earnings from buying into such devices.

He warned, however, that crypto-currencies slowly but surely change into high-yielding resources from being truly a mean of repayment.

Bitcoin, the most well-known digital currency that surfaced in middle-2010, last exchanged at around $4,807, up from its first price of significantly less than $1.

“We feel that for our residents, for businesses the use of such crypto-currencies as an investment thing holds unreasonably high dangers,” he said.

Russian specialists said earlier this season they wish to regulate the utilization of crypto-currencies by Russian residents and companies. Reuters

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