Russia`s Authorities Block Access To Exchanges

Russia`s Authorities Block Access To Exchanges

Russia`s central bank is reportedly working with the country`s general prosecutor to block all cryptocurrency exchanges.

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Russia`s central bank is reportedly working with the country`s general prosecutor to block all cryptocurrency exchanges.

The local news outlet RBS reported on Tuesday that the Bank of Russia is working on shutting Internet access to cryptocurrency exchange websites.

“It’s obvious that when a pyramid (scheme) grows, interest in this pyramid hots up with the high rate of return.“, according to Sergey Shvetsov, first deputy of the central bank, who spoke at an international finance forum in Moscow.

Shvestsov reportedly added that “Bitcoin’s price dynamics over the past two years” is raising concerns.

The move comes after Russia recently blocked peer-to-peer local Bitcoin exchange LocalBitcoins.

The debate concernign cryptocurrencies has taken shape in Russia, with high-profile industry players arguing on the matter.

For example, finance minister Alexey Moiseev, said in August it is “hard to argue cryptocurrencyis not a pyramid scheme”, as cointelegraph.com reported at the time. Meanwhile, previous comments from regulators commented that BitRubble, which will be introduced by the central bank, is similar to a cryptocurrency.

“We’re not offering to call [cryptocurrency] currency, or regulate it like currency.”, as Moiseev reportedly responded.

The deputy of the central bank, Shvestsov, said that financial instruments based on cryptocurrency are “impossible to support”, pointing out that measures would be taken to “restrict” the ability of the Russian domestic market to interact with them.

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