Russia mulls ban on cryptocurrency exchanges

The Russian government looking to block access to cryptocurrency exchanges in the country, describing them as “dubious instruments for retail investors,” Russian media reports.

Speaking at a financial derivatives event held in Moscow, the first deputy Governor of Russia’s Central Bank, Sergei Shvetsov stated “we think that for our citizens, for businesses the usage of such cryptocurrencies as an investment object carries unreasonably high risks. We cannot give direct and easy access to such dubious instruments for retail investors.”

Shvetsov described the bitcoin and virtual currency markets as comprising of a “pyramid scheme”.

“Not only can’t we support it, we will make every effort to limit for the regulated sector the option to operate with such types of instruments,” he said.