WHY DID ALTCOINS CRASH? THE REAL ANSWER! 😱 RUSSIA BANS BITCOIN?

 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. Speaking  at a conference on financial market derivatives, Shvetsov said the  central bank sees rising interest in crypto-currencies because of high  returns from buying into such instruments. He warned, however, that 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 $4,807, up from its initial price of less than $1. 

“We  think that for our citizens, for businesses the usage of such  crypto-currencies as an investment object carries unreasonably high  risks,” he said. Russian authorities said earlier this year they  would like to regulate the use of crypto-currencies by Russian citizens  and companies.