Russia to Block Access to All Cryptocurrency Exchange Websites

The international crackdown on Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term assets by central banks, which started with the Chinese ban on Bitcoin exchanges and continued with the Korean ban on ICOs and margin trading, has now reached Russia.

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According to the Bank of Russia's First Deputy Governor Sergei Shvetsov, cryptocurrency exchanges will not only be banned but their websites will be blocked so that Russian citizens will not be able to access them at all (unless they have the technical knowhow to bypass the government's firewall).

“We cannot stand apart. We cannot give direct and easy access to such dubious instruments for retail investors,” Shvetsov said. “We think that for our citizens, for businesses the usage of such Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term as an investment object carries unreasonably high risks.”

Speaking at a financial derivatives event today in Moscow he added: "We see all derivatives on crypto as negative phenomena for our market. 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.

In parallel, we are working together with the attorney general to block foreign sites which allow our citizens to purchase instruments of this kind.

We recognize that Bitcoin is turning into an asset which is bought in hopes of fast returns, and therefore it has characteristics of a financial pyramid scheme."