Russia no longer wants Bitcoin

The Central Bank of Russia has announced that it will block cryptocurrency sales websites.

Russian Federation President Vladimir Putin said on Tuesday (Oct. 10) that cryptocurrencies pose a “risk” and are used for criminal purposes, while Russia’s central bank announced it would block the sale of cryptocurrencies, bitcoin and its rivals. Russian authorities, which planned to legalize the market a few weeks ago, changed their tone.

At a meeting in Moscow, Russia’s Central Bank First Deputy Governor Sergei Shvetsov called the currencies “unreliable” and said investors needed to be protected. “We cannot differentiate ourselves. We cannot provide small investors with direct, easy access to these dubious tools,”Mr. Shvetsov said. Vladimir Putin told the media that cryptocurrencies can be used to launder money, facilitate tax evasion and finance terrorism. “The use of cryptocurrencies involves serious risks,” according to the head of state, who added that these currencies are “issued by an unlimited number of anonymous individuals. Cryptocurrency buyers may be involved in illegal activities. Companies seeking financing are also increasingly using cryptocurrencies as an alternative to the stock market.

A meeting with the founder of Ethereum
Russian financial authorities generally consider any currency not issued by an institution to be illegal. However, Finance Minister Anton Siluanov said last month that authorities must take into account the existence of these virtual currencies.

“It doesn’t make sense to ban them, they have to be regulated,” he said at the time, adding that his ministry was working on a law that would require registration of virtual currency buyers. The Russian state’s interest in virtual currencies is also evidenced by the Russian co-founders of Vladimir Putin and Vitalik Buterin of Ethereum, the second cryptocurrency after Bitcoin, in St. Petersburg in June. held a meeting.

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