Russia is making a complete U-turn on cryptocurrencies.

The Central Bank of Russia has said that it would block cryptocurrency exchange websites, selling bitcoin, Litecoin, Ethereum, and others, Reuters reported.

In a statement, Central Bank First Deputy Governor Sergei Shvetsov said that cryptocurrencies were “dubious” and highlighted the need to protect investor interest.

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

Speaking at a conference on financial market derivatives in Moscow, he said that the central bank sees growing interest in cryptocurrencies driven by high returns. Shvetsov said that cryptocurrencies have gradually transformed into high-yielding assets from being means of payment.

Echoing his view, President Vladimir Putin said that cryptocurrencies were risky and used for illegal activities including money laundering, tax evasion, and financing of terrorism.

“The usage of crypto-currencies carries serious risks. I know the central bank’s position on that,” Putin said. “Crypto-currencies are issued by an unlimited number of anonymous bodies. Thus buyers of crypto-currencies could be involved in unlawful activities.”

However, reports had earlier suggested that the Russian Finance Ministry was drafting a bill in September to regulate the circulation of cryptocurrencies.

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