Russia to Block Access to Cryptocurrency Trading Websites

A chief executive of the Russian central bank, Sergei Shvetsov, has announced that Russia will block access to websites that trade in bitcoins or other digital currencies. According to him, they are dubious means of payment.

Shvetsov said at a conference that all cryptocurrency is a negative development for the Russian market, Russian news agency TASS reported. According to him, it is not possible to support the digital currency and websites that allow Russians to trade cryptocurrency will be closed.

According to Shvetsov, digital currencies such as bitcoins pose too high a risk as an investment object for Russian citizens and companies. He pointed to the development that cryptocurrencies are gradually transforming from a regular means of payment to a means of speculation in order to earn a lot of money in a short time. As a result, Shvetsov sees the characteristics of a ‘financial pyramid’.

In other countries, cryptocurrency trading is also increasingly being tackled. China has been regulating the trade in crypto for some time now. In September, the Chinese central bank is said to have issued instructions banning certain Chinese trading platforms from trading bitcoins or other digital currencies any longer. China has previously banned new ICOs, or initial coin offerings. On Monday, the Slovenian central bank warned about the risks of trading virtual means of payment.