Bitcoin Price Flash Crashes As Russia Proposes Crypto Exchange Ban

Russia’s central bank is planning to ban access to Bitcoin exchange websites, it was announced by Sergei Shvetsov, the first deputy governor at the Russian central bank.

This announcement had a severe effect on the Bitcoin price that was rallying towards $5,000. In a flash crash, Bitcoin’s value dropped by $600 before rebounding somewhat.

Dubious instrument

Shvetsov said in his speech at a conference in Moscow that:

“We can not stand apart. We can not give direct and easy access to such dubious instruments for retail (investors),” Shetsov said.

“We think that for our citizens, for businesses, the usage of such cryptocurrencies as an investment object carries unreasonably high risks.”

He went on to indicate that Russia would block access to websites of exchanges that offer Bitcoin and other cryptocurrencies.

Flash crash

This news had an adverse effect on the market as Bitcoin dropped by over $600 to a low of $4,200 at roughly 9:00 a.m. London time, the same time as the announcement from Russia’s central bank.  

However, it quickly recovered, within moments, getting back to $4,784 by 9:10 a.m. London time.


Following on from China

This news follows on from China’s hard-nosed approach to digital currencies after they first banned ICOs, then went after exchanges.

Russia has said before that it would like to regulate the use of cryptocurrencies by Russian citizens and companies.

This move seems to be in line with the idea of government control over Bitcoin. The blocking of citizens from using Bitcoin exchanges puts all the control over citizens and their digital currencies in the hands of the government.

14 Replies to “Bitcoin Price Flash Crashes As Russia Proposes Crypto Exchange Ban”

  1. Thank you a lot for sharing this with all people you really recognise what you’re talking
    approximately! Bookmarked. Kindly additionally visit my website =).
    We may have a hyperlink exchange agreement between us

  2. I simply desired to appreciate you once more. I do not know what I would have made to happen in the absence of the entire points provided by you regarding that subject. Entirely was the distressing case in my opinion, but being able to see the very expert way you handled that made me to weep for contentment. I am grateful for the information and trust you realize what a powerful job you are accomplishing teaching some other people by way of your websites. More than likely you haven’t encountered any of us.

  3. I simply wanted to write a small note to say thanks to you for all the fantastic recommendations you are giving out at this site. My particularly long internet search has finally been paid with useful facts and techniques to exchange with my guests. I ‘d claim that many of us readers actually are rather lucky to exist in a notable community with many lovely individuals with very beneficial opinions. I feel pretty happy to have encountered the webpage and look forward to many more fun times reading here. Thanks a lot again for a lot of things.

  4. Thanks a lot for providing individuals with such a nice possiblity to read in detail from this site. It’s always so good and full of a good time for me and my office co-workers to search the blog not less than thrice every week to find out the fresh stuff you have. And definitely, I’m also always satisfied concerning the awesome inspiring ideas you give. Selected 1 points in this posting are in reality the simplest I’ve had.

  5. I needed to write you the little remark just to give many thanks as before on the superb opinions you have discussed on this site. It is so pretty open-handed of you to convey publicly what many individuals could have sold for an electronic book in making some profit on their own, principally since you could possibly have done it in case you wanted. Those basics additionally worked to be the easy way to fully grasp that many people have similar desire just like mine to learn good deal more in respect of this condition. Certainly there are thousands of more fun sessions in the future for individuals who browse through your blog.

  6. I in addition to my friends happened to be going through the nice procedures located on your website and so immediately got a terrible suspicion I had not thanked you for them. All the young boys ended up joyful to read them and have now very much been tapping into them. Thanks for truly being very considerate and then for deciding upon varieties of outstanding resources millions of individuals are really wanting to learn about. My honest apologies for not expressing gratitude to you earlier.

  7. I’m also commenting to make you know of the superb encounter our daughter experienced reading through the blog. She mastered plenty of pieces, which include what it’s like to possess a marvelous giving mood to get most people with no trouble have an understanding of specified tortuous matters. You truly did more than my expected results. Thank you for supplying such useful, dependable, educational and as well as easy guidance on the topic to Gloria.

  8. I must convey my respect for your kind-heartedness supporting all those that have the need for help with this important concern. Your personal commitment to passing the solution around had been particularly helpful and has encouraged ladies much like me to get to their desired goals. This invaluable useful information denotes much to me and extremely more to my colleagues. Many thanks; from all of us.

  9. I simply needed to say thanks once more. I am not sure the things that I would’ve undertaken without the actual aspects discussed by you on my concern. Certainly was the frustrating issue in my opinion, but encountering the professional fashion you treated the issue took me to jump with gladness. I will be happy for the work and in addition have high hopes you recognize what a powerful job that you’re undertaking teaching many people by way of your webpage. I am certain you’ve never got to know any of us.

  10. I would like to voice my appreciation for your generosity giving support to all those that absolutely need help on this content. Your very own dedication to getting the solution all around ended up being rather helpful and has without exception empowered most people just like me to achieve their pursuits. Your entire warm and helpful report implies so much to me and far more to my office colleagues. Regards; from everyone of us.

  11. I needed to create you that bit of note to give many thanks over again for those beautiful secrets you’ve shared on this site. It was so pretty open-handed with you to present easily exactly what most people might have offered for sale as an ebook in order to make some cash for their own end, notably since you might have tried it if you ever considered necessary. Those good tips additionally acted like a great way to be certain that some people have the identical keenness really like my very own to know the truth more and more related to this condition. I think there are many more pleasurable periods up front for individuals who go through your website.

  12. I needed to draft you a little bit of remark to help thank you as before on your splendid views you have discussed here. It’s quite unbelievably generous with you giving unhampered all that many individuals could possibly have supplied for an e book in making some profit on their own, notably given that you could possibly have tried it in case you wanted. Those basics likewise acted as the easy way to be certain that the rest have a similar dreams just like my personal own to realize a great deal more when considering this problem. I think there are millions of more pleasurable moments in the future for many who scan your blog post.

  13. Thanks for your entire hard work on this website. My mom delights in working on investigations and it’s simple to grasp why. Most of us learn all relating to the powerful manner you render priceless tactics via this web site and as well as recommend participation from other ones on the area of interest and our daughter is undoubtedly understanding so much. Take pleasure in the remaining portion of the new year. You are always carrying out a powerful job.

Leave a Reply

Your email address will not be published. Required fields are marked *