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Cryptocurrencies

Russia's central bank says cryptocurrencies are a risky business

Thursday 12 October 2017 | 12:17 PM CET

Russia’s central bank has said it would block websites selling Bitcoin and its rivals, as cryptocurrencies were risky and used for crime, according to Reuters.

Furthermore, during a conference in Moscow, the deputy governor said that that the currencies were “dubious” and investors needed to be protected. Russian financial authorities initially treated any sort of money issued by non-state approved institutions as illegal, saying they could be used to launder money, evade taxes and finance terrorism.

However, the finance minister said in September 2017 that the authorities had to accept that the virtual currencies existed and that the ministry was working on a law including registration of those willing to buy the virtual money. When Reuters reached out to the finance ministry to comment on whether the bank’s comments mean that the plan was dead, the ministry did not reply.

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