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