Russia to ban websites offering crypto-currencies

Russia is planning to prevent access to exchange websites which are dealing in crypto-currencies such as Bitcoin. The decision was made with the consent of Russian Central Bank First Deputy Governor Sergei Shvetsov who calls them doubtful.

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

Later on, Russia accepted the globally renowned market of crypto-currency with an aim of either controlling this domain or to limit its reach.

Speaking at a conference on financial market derivatives, Shvetsov said while referring to the household “We cannot stand apart. We cannot give direct and easy access to such dubious instruments for retail (investors),”

The central bank of Russia is seeing a rise in crypto-currencies because of high returns from buying into such instruments. Some investors are yet afraid what will be the outcome if their businesses do not flourish.

Governor also precautioned that the day is not far when crypto-currency will transform into high-yielding asset from only a method of payment. “Risks are high when businesses want to invest in crypto-currency”, Shvetsov endorsed.

A few weeks ago, it has also been reported that Russian authorities are forming regulations for the use of crypto-currency by Russian citizens and companies.