Russia to block access to crypto-currencies

Q.  Which country's Central Bank is set to block access to crypto-currencies websites?
- Published on 11 Oct 17

a. Ukraine
b. Crimea
c. Georgia
d. Russia

ANSWER: Russia
Russia to block access to crypto-currenciesRussia will block access to websites of exchanges that offer crypto-currencies such as Bitcoin, Russian Central Bank.

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

The central bank sees rising interest in crypto-currencies because of high returns from buying into such instruments.

The crypto-currencies gradually transform into high-yielding assets from being a mean of payment.

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

For businesses the usage of such crypto-currencies as an investment object carries unreasonably high risks.

Russian authorities said they would like to regulate the use of crypto-currencies by Russian citizens and companies.

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