Bitcoin Exchange Websites To Be Blocked In Russia: Report

Even though the value of bitcoin is once again rising at a neck-breaking pace, the clouds of uncertainty aren’t going to disappear anytime soon. According to a Reuters report, Russia is going to block access to cryptocurrency exchanges like bitcoin.

The report states that these statements were made by Sergei Shvetsov, first deputy governor of the Central Bank of Russia (CBR), at a financial markets conference.

He further labeled bitcoin’s nature as “dubious.” “We cannot stand apart. We cannot give direct and easy access to such dubious instruments for retail (investors),” he said. According to him, the increased interest in cryptocurrencies like bitcoin is being seen due to high returns to date.

Also Read: A Step-By-Step Guide To Cryptocurrency Investment

Russian news website RBC reports that bank authorities are currently working with special prosecutor’s office to execute the future block. At the moment, any tentative date of implementation isn’t available.

On the other hand, on Tuesday, Russian President Vladimir Putin said that cryptocurrencies could be too risky. He supported Central Bank’s position.

“Crypto-currencies are issued by an unlimited number of anonymous bodies. Thus buyers of crypto-currencies could be involved in unlawful activities,” Putin said.

How will Russia’s plan to block cryptocurrency exchange websites impact bitcoin and its prices? Don’t forget to share your views.