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Report: Russia to ban websites dealing in 'dubious' crypto-currencies

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Report: Russia to ban websites dealing in 'dubious' crypto-currencies

The Central Bank of the Russian Federation will ban websites offering bitcoin and other crypto-currencies, which First Deputy Governor Sergei Shvetsov branded as "dubious instruments," Reuters reported.

Russian President Vladimir Putin also said crypto-currencies carry "serious risks" and could be used in criminal activities such as tax evasion and money laundering, the news wire said in its Oct. 10 report.

"Crypto-currencies are issued by an unlimited number of anonymous bodies. Thus buyers of crypto-currencies could be involved in unlawful activities," Putin reportedly said.

Russian Finance Minister Anton Siluanov said earlier in September that his office will prepare a law governing crypto-currency transactions involving Russian citizens and companies by the end of 2017.