Rus­sian cen­tral bank to ban web­sites of­fer­ing crypto-cur­ren­cies

Tehran Times - - ECONOMY -

Rus­sia will block ac­cess to web­sites of ex­changes that of­fer crypto-cur­ren­cies such as Bit­coin, Rus­sian Cen­tral Bank First Deputy Gov­er­nor Sergei Shvetsov said on Tues­day.

He called them “du­bi­ous”.

Rus­sian fi­nan­cial au­thor­i­ties ini­tially treated any sort of money is­sued by non-state ap­proved in­sti­tu­tions as il­le­gal, say­ing they could be used to laun­der money.

Later the au­thor­i­ties ac­cepted the glob­ally boom­ing mar­ket of crypto-cur­ren­cies but want to ei­ther con­trol the turnover or to limit ac­cess to the mar­ket

“We can­not stand apart. We can­not give direct and easy ac­cess to such du­bi­ous in­stru­ments for re­tail (in­vestors),” Shvetsov said, re­fer­ring to house­holds. Speak­ing at a con­fer­ence on fi­nan­cial mar­ket de­riv­a­tives, Shvetsov said the cen­tral bank sees ris­ing in­ter­est in crypto-cur­ren­cies be­cause of high re­turns from buy­ing into such in­stru­ments.

He warned, how­ever, that crypto-cur­ren­cies grad­u­ally trans­form into high-yield­ing as­sets from be­ing a mean of pay­ment.

Bit­coin, the most well-known vir­tual cur­rency that emerged in mid-2010, last traded at around $4,807, up from its ini­tial price of less than $1.

“We think that for our cit­i­zens, for busi­nesses the us­age of such crypto-cur­ren­cies as an in­vest­ment ob­ject car­ries un­rea­son­ably high risks,” he said.

Rus­sian au­thor­i­ties said ear­lier this year they would like to reg­u­late the use of crypto-cur­ren­cies by Rus­sian cit­i­zens and com­pa­nies.

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