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Russia Bans Trading Of Cryptocurrencies For ‘Ordinary People’

Russia Bans Trading Of Cryptocurrencies For Ordinary People

Russia has all of a sudden announced its plans to ban sales on cryptocurrency. The Russian deputy finance minister Alexey Moiseev said it's hard to argue that cryptocurrency is not a pyramid scheme.

According to Moiseev speaking in an interview to local television channel Rossiya 24, the government would allow having trade cryptocurrencies to those “who are qualified investors” and also those “who have a reason” for buying the digital asset.

He further added, “For ordinary people, there’s no way because these are very dangerous investments that could lead to loss of money.”

The statement comes in just after a week of announcing a state-sponsored mining company, aiming to raise $100 million, in a bid to take the market share away from China.

As per the new plans for regulating cryptocurrency, the Moscow Stock Exchange would be the only platform that would allow the investors to trade in Bitcoin and other currencies.

According to the previous statements from the regulators, Russia’s BitRuble, which is currently being developed by the central bank, would enjoy more market freedom than the traditional cryptocurrencies.

It was however not told as to how the authorities intend to prevent citizens from purchasing the digital assets.