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Russians looking forward to incorporating cryptocurrencies like Bitcoin into their lives awoke to less-than-stellar news Tuesday morning, as Russia now intends to block cryptocurrency exchanges and the websites that offer them.
As reported by Reuters, Central Bank First Deputy Governor Sergei Shvetsov called cryptocurrencies “dubious” during a conference in Moscow. He went on to add that digital currencies like Bitcoin and Ethereum are something people shouldn’t be able to easily access.
Access - Instruments - Investors - Shetsov - CoinTelegraph
“We can not stand apart. We can not give direct and easy access to such dubious instruments for retail (investors),” said Shetsov. According to CoinTelegraph, the deputy governor further backed up the decision, saying financial instruments based on digital currencies are nearly impossible to support; additional regulations would need to be put into place to prevent the Russian domestic market from dealing in cryptocurrencies.
As for the ban’s effect on digital currencies, CNBC reports that Bitcoin experienced a $600 drop in value around the same time as the announcement, though it quickly recovered soon after.
Russia - Decision - China - South - Korea
Russia’s decision comes after China and South Korea imposed similar bans on cryptocurrencies and initial coin offerings,...
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