Russia’s Central Bank Backs Move To Block Bitcoin Exchanges

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Russia's Central Bank Backs Move To Block Bitcoin Exchanges

The first deputy governor of Russia’s central bank, Sergei Shvetsov, has said that Bank of Russia will support efforts to block access to external websites selling cryptocurrencies in the country.

Shvetsov, speaking at a conference on October 10, cited the “unreasonably high risks” involved in cryptocurrency investment as a reason for the proposed measure, adding: “We cannot give direct and easy access to such dubious instruments for retail (investors),” Reuters reports.

Bank of Russia will be working with the country’s general prosecutor to block all exchanges offering Russians the opportunity to buy and sell cryptocurrency. Shvetsov further added that bitcoin shows signs of being a pyramid scheme.

This announcement had a severe effect on the Bitcoin price that was rallying towards $5,000. In a flash crash, Bitcoin’s value dropped by $600 before rebounding somewhat, getting back to $4,784.

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  • Solomon Krupacek

    Another step against freedom.

    • Alex

      Lol, what freedom, bitcoins are just another bubble.

      • Solomon Krupacek

        Idiot, ask the SF, they also want bitcoin-donation

        you are simply FSB agent, you animal!

        • Alex

          you simply are an old fool, bitcoins are nothing but another debt bubble, good for short term, cause SF can exchange that but bad in long, once the big organizations going to start give out big loans in bitcoins and then the bubble bursts, bitcoin will loose it’s value, bitcoin holders their money and the someone else their debt, bitcoin is not backed by anything it’s just empty air.

          • Solomon Krupacek

            and why do you cry? everybodys private freedom, in which thubgs invest his money. capito, commie?!

          • Alex

            That’s very narrow-minded. These kind of schemes are meant to steal wealth from other people/countries, lol.

          • Solomon Krupacek

            so, SF is thief, if they allow to pay the help in bitcoins? strange …

            all unofficial currencies = higher degree of freedom. therefore exist hundreds of local currencies, which use several dozens of thousands people.

          • Alex

            Like i said, nothing to do with freedom, bitcoin isn’t backed by anything, it’s thin air, the creators of this scheme will invest their bitcoin in something else, real estate or whatever, then when they decide to pull the plug, the one with holds those coins will loose wealth, it’s monopoly money, no value, just thin air. You can earn with it but you do not want large quantities of it your house especially if you have invested something of real value into it, plus by accepting this bitcoing you are giving the creator unlimited money and power with it cause he/she/they can produce unlimited value of it and there is no way of checking just how much of it is out there, this kind of thing is very bad for economy.

  • Анрэс Суарэс

    So, no more feeding monsters in the backyard. Money constitutes an essential part of a social contract; therefore having a “stateless monetary system” will never result stable, furthermore, there’s no need to groom a sort of “capitalism reloaded”.

    Discarded Bitcoin and the likes, the issue of getting rid of the SWIFT international payments (and any western-controlled system) goes back to the table.

    By the way, don’t forget that I designed the ultimate monetary system available at http://www.intercambioasincrono.com (in spanish).

  • Terra Cotta Woolpuller

    Should got to a trade and barter system and do away with these unstable currencies.

  • 55lanfag

    Bad move!