Russian President Vladimir Putin

Russia turns cold on crypto-currencies

SOCHI, RUSSIA (OCTOBER 10, 2017) (RUSSIAN PRESIDENTIAL PRESS SERVICE) – President Vladimir Putin said on Tuesday (October 10) crypto-currencies were risky and used for crime, as Russia’s central bank said it would block websites selling bitcoin and its rivals – a change of tone from a month-old promise to legalise the market.

Central Bank First Deputy Governor Sergei Shvetsov told a conference in Moscow that the currencies were “dubious” and investors needed to be protected.

Putin said that crypto-currencies could be used to launder money, evade taxes and finance terrorism.

Bitcoin, the most well-known virtual currency that emerged in mid-2010, last traded at around 4,807 U.S. dollars, up from its initial price of less than 1 USD.