Bitcoin suffered a brief slump in value on Tuesday morning following news that the Russian central bank is planning to ban websites that sell the cryptocurrency.
The digital currency had hit a high of $4,867 early on Monday, according to industry website CoinDesk, its highest since September 2. But it dropped 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. It was down some 12 percent for the session but quickly recovered within moments and was trading at $4,784 by 9:10 a.m. London time.
Sergei Shvetsov, the first deputy governor at the Russian central bank, described the currency as “dubious” on Tuesday morning, according to Reuters.
“We can not stand apart. We can not give direct and easy access to such dubious instruments for retail (investors),” Shetsov said, according to the news agency.
Shvetsov, speaking at a conference in Moscow, said that Russia will block access to the websites of exchanges that offer cryptocurrencies such as bitcoin.