Russia to Ban External Cryptocurrency Trading Websites

According to the first deputy chairman of Russia’s Central Bank Sergei Shvetsov, Russia will ban websites that offer cryptocurrency trading. He noted that the regulator’s stance towards cryptocurrencies and their derivatives was negative.

“We will make efforts to limit the opportunity of operating such instruments for the regulated segment of the Russian market,” he said.

Presently, the Central Bank and the Prosecutor General’s office are preparing to block external websites that offer cryptocurrency trading.

Mr. Shvetsov claims that this position is the government’s attempt to protect Russian nationals from unreasonable risks inherent in cryptotrading.

“We see that bitcoin is mutating from a clearance unit into an asset purchased for the sake of obtaining high profits in a short while, i.e. it has features of a Ponzi scheme,” he added.

Earlier, the head of the regulator Elvira Nabiullina also claimed cryptocurrencies have features of a Ponzi scheme, and that the Central Bank was against their regulation as monetary units. Still, she conceded creating a government-controlled national cryptocurrency.

Meanwhile, Russia’s ministry of finance proposed that the Moscow Stock Exchange was granted a monopolistic right to trade cryptocurrencies.

Subscribe to our Newsletter

Related posts

• Whales Transfer Over 700K ETH in ‘Pre-Pump Positioning’
• Chess Ex-Champion Garry Kasparov: Bitcoin is Natural Choice in Fight Against Human Rights Violations
• UK, U.S., and Canada Accuse Russia of Hacking Attacks to Steal Secret Research on Covid-19 Vaccine
• What Prompted Sudden Truce Between Telegram and Russian Watchdogs: Main Theories
• Trump Acknowledges 2018 Cyberattack Against Russian Troll Farm
• Germany Calls On EU Countries to Impose Cyber Sanctions On Russian Hackers
• Antifa Threatened With Extremist Status: No Longer Thinks Bitcoin Is an Alt-Right Currency Antifa and BLM Will Make Bitcoin Edgy Again
• Will Bitcoin Always Be #1?