Russian Central Bank To Ban Websites Offering Crypto-currencies (reuters.com)

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Russian Central Bank To Ban Websites Offering Crypto-currencies (reuters.com)

Posted by msmash on Tuesday October 10, 2017 @02:44AM from the new-wrinkle dept.

An anonymous reader shares a report: Russia will block access to websites of exchanges that offer crypto-currencies such as Bitcoin, Russian Central Bank First Deputy Governor Sergei Shvetsov said on Tuesday. He called them "dubious." 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. Later the authorities accepted the globally booming market of crypto-currencies but want to either control the turnover or to limit access to the market "We cannot stand apart. We cannot give direct and easy access to such dubious instruments for retail (investors)," Shvetsov said, referring to households.

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A bit hypocritical by jonwil · 2017-10-10 02:48 · Score: 5, Insightful

Given how much money laundering takes place in Russia using state-issued currencies such as the US Dollar and Russian Ruble, its a bit rich for Russia to be worried about money laundering in Bitcoin and other crypto currencies.
The real (and unstated reason) is likely to be about control, just like China. They want to stop people being able to move their wealth into assets (cryptocurrencies for example) that they cant monitor, apply taxes to or otherwise control.
1. Re:A bit hypocritical by mysidia · 2017-10-10 07:28 · Score: 2
  
  Has a government no right to tax income?
  Governments have the right to lay reasonable taxes required to fund public goods agreed by the people.
  That doesn't mean they can force you to organize your affairs to maximize their taxation capabilities.
  Cryptocurrencies don't prevent taxation, anyways.
Smart move ... by CaptainDork · 2017-10-10 02:59 · Score: 2

... for the Russians.
It's their playground and they know what works best for them.

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It little behooves the best of us to comment on the rest of us.
You might want to rethink that by Opportunist · 2017-10-10 02:59 · Score: 3, Interesting

The hit for the Russian economy could be devastating when the recipients of the crypto trojan money have to go abroad to collect.

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We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
From TASS by TheSync · 2017-10-10 03:47 · Score: 2

TASS article says "Russia's Central Bank welcomes imposing any restrictions on operations of external websites that offer cryptocurrency sales, the regulator's First Deputy Chairman Sergey Shvetsov said Tuesday."
"We consider all cryptocurrency derivatives to be a negative development on the Russian market and do not consider it possible to support it, and will even assume measures to restrict potential operations with such instruments made by the regulated part of the Russian market. Meanwhile, we assume efforts aimed at closing external websites that allow Russian citizens to acquire such assets together with the General Prosecutor's Office," he said.
Re:Consumer protection, crime etc by war4peace · 2017-10-10 03:58 · Score: 2

45% of bitcoin exchanges have thus far failed, taking people's money along with them (wired)
Because retards would store their wallets online, choosing convenience over security.

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...gis sdrawkcab (usually not responding to ACs; don't bother posting as AC)
Re: Aaaaaaand by nitehawk214 · 2017-10-10 05:45 · Score: 2

It's Ponzi not banzai, and stop calling me Shirley.

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I'm a good cook. I'm a fantastic eater. - Steven Brust
huge bitcoin bubble right now, crashing soon by iggymanz · 2017-10-10 08:49 · Score: 3, Funny

bitcoin is overvalued on hype, serious economists say crash of the non-currency (electronic poker chips) coming soon