Economy

Russia Will Block Bitcoin Exchange Websites, Says Central Bank Official

According to the Bank of Russia's First Deputy Governor Sergei Shvetsov, cryptocurrency exchanges will not only be banned but their websites will be blocked so that Russian citizens will not be able to access them at all (unless they have the technical knowhow to bypass the government's firewall).

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".

It has also been noticed earlier that financial stakeholders of Russian Federation imposed a ban on any sort of money issued by any non-government institution.

At a later stage, however, the authorities adopted the globally flourishing market for cryptocurrency, but they either wanted to either control turnover or limit access to the market.

Speaking at a conference on financial market derivatives, Shvetsov said while referring to the household "We can not stand apart".

Top Russian officials have been recently discussing measures to fix the legal limbo surrounding cryptocurrencies, ranging from introducing a regulation of sorts to imposing an outright ban on the token-based electronic currencies.

The central bank of Russian Federation is seeing a rise in crypto-currencies because of high returns from buying into such instruments.

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