[2017-10-10] Breaking: Russia Will Block Bitcoin Exchange Websites, Says Central

[ivanpoldark]

According to a Reuters report, Sergei Shvetsov – first deputy governor of the Central Bank of Russia (CBR) has stated today that Russia will block access to websites belonging to exchanges and trading platforms offering cryptocurrencies like bitcoin.

The central bank official was speaking at a financial markets conference today when he pointed to the “dubious” nature of bitcoin – as an investment instrument for retail investors.

He stated:

    "We cannot stand apart. We cannot give direct and easy access to such dubious instruments for retail (investors)."

The central bank deputy governor’s comments are in contrast to those offered by Russia’s finance minister Anton Siluanov last month. Speaking at a financial forum in Moscow at the time, Siluanov called for the Russian government to accept the reality cryptocurrencies permeating into society. “There is no sense in banning them, there is a need to regulate them,” stated Russia’s finance minister less than a month ago.

However, according to the central banker, the blockade is to protect retail everyday investors from bitcoin’s volatility.

He said:

    "We think that for our citizens, for businesses the usage of such cryptocurrencies as an investment object carries unreasonably high risks."

Russia’s Bitcoin e-Bans

In early 2016, European bitcoin exchanges Bitstamp and BTC-e were blocked temporarily by Roskomnadzor,  Russia’s telecom regulator, effectively putting the domains in a blacklist shared by all Russian ISPs.

The telecom regulator has also blocked access to multiple bitcoin-related websites in 2015 in anticipation of a legislative ban on bitcoin that never came to pass. The blockade was soon overturned in a Russian court. In September 2016, the regulator blocked access to popular peer-to-peer bitcoin trading platform LocalBitcoins.

Shvetsov’s revelatory comments on the central bank’s stance on cryptocurrencies coincide with similar recent statements by Russia’s deputy finance minister Alexei Moiseev. In a televised interview in August, Moiseev compared cryptocurrency investments to that of a “high-risk” financial pyramid, ahead of regulations expected in 2018. Moisev also revealed that regulations could allow “only qualified investors to buy and sell [bitcoin]” in exchanges in the country.

https://www.cryptocoinsnews.com/breaking-russia-will-block-bitcoin-exchange-websites-says-central-bank-official/

[greeklogos]

So Russia followed by the road of China in the end. That's sad, I expected they will be more welcome to crypto-currencies and regulation, just like Australia and Japan.
I think such news will drop the price due to Russian bitcoin holders will start to sell their founds from now to skip the risk about exchangers blocking.

[SvenBomvolen]

Central banks really have a big power in the country and their decision is the law. That's too sad that Russians decided to follow China in this experience. I am planning to visit Russia next year and now I'm afraid that my coins will not be available while I'm inside the country, cause of all exchangers are going to be blocked. 

[Kemarit]

So Russia followed by the road of China in the end. That's sad, I expected they will be more welcome to crypto-currencies and regulation, just like Australia and Japan.
I think such news will drop the price due to Russian bitcoin holders will start to sell their founds from now to skip the risk about exchangers blocking.

As I have told numerous times already, Russian is not friendly to bitcoin. And they will also contradict what they have been saying. So I'm not surprise to see them making this drastic moved. I don't know if this will affect the market though, they are not known to be huge traders, so I assumed that we will not felt their action. I'm right all along that they don't want bitcoin or crypto in general. They even been saying that they are going to put mining farm. Hahaha. What do you expect from a authoritarian regime? Became friendly to crypto which they can't control? No surprise here. But again, the only casualties here is the Russian bitcoin community. Ecosystem will be fine don't worry about it.

[BitHodler]

I never add value to anything coming from Russia, because they haven't exactly been trustworthy when it comes to their announcements and political standpoints ~ that's why I also not have much believe in this.

If they do happen to actually block access to whatever crypto exchanges, then so be it. Russian citizens will not struggle with finding alternative ways of signing up to an exchange and use it to trade on.

It shows how desperate certain governments are, and that alone gives me an amazing feeling. I'm glad that there are enough countries not looking to crack down on crypto currencies like Russia and some other countries are doing.

[richardsNY]

This time for real? One day they seem rather interested in crypto, and next day they seem to go full nuts and look to enforce ridiculous actions exposing their weakness. I have been reading through the same nonsense for years now, and still they can't seem to make up their minds. It's perfectly clear that whatever they end up doing, the general market doesn't care. In the same way, the general market should also forget about China, but now for good.

[Taki]

So Russia followed by the road of China in the end. That's sad, I expected they will be more welcome to crypto-currencies and regulation, just like Australia and Japan.
I think such news will drop the price due to Russian bitcoin holders will start to sell their founds from now to skip the risk about exchangers blocking.

As I have told numerous times already, Russian is not friendly to bitcoin. And they will also contradict what they have been saying. So I'm not surprise to see them making this drastic moved. I don't know if this will affect the market though, they are not known to be huge traders, so I assumed that we will not felt their action. I'm right all along that they don't want bitcoin or crypto in general. They even been saying that they are going to put mining farm. Hahaha. What do you expect from a authoritarian regime? Became friendly to crypto which they can't control? No surprise here. But again, the only casualties here is the Russian bitcoin community. Ecosystem will be fine don't worry about it.

I am from Russia. Can you imagine how do I feel myself now?
Well, I expected our government is going to move by the road of China, but I hoped for better I still hope those news is just talks and Russia will delay with any concrete decision about crypto-currencies regulation (as always).
I also doubt that the price will change a lot, the same like after ICOs banning by South Korea.