Breaking: Russia moves to ban cryptocurrency exchanges...

Today, Russia's first deputy director of their central bank, Sergei Shvetsov stated "the government will block cryptocurrency exchanges".

However, no date has been announced yet, giving Russian investors a chance to dump in the meantime - which may be the reason for some recent downturns.

Russia based news site "RBC" reported that Shvetsov is currently working with the special prosecutor's office to implement the cryptocurrency exchange block.

It's also worth mentioning the first time the subject came up in September we learned Russia was working on "new legislation" to cover cryptocurrencies, so perhaps this shut down is temporary until regulations are passed.

However - Russia's central bank has consistently expressed their anti-crypto stance. So there's a chance these new regulations will be so strict, Russia will be left completely out of the market.

We are following this story closely and will keep you updated on new developments.

Author: Ross Davis
San Francisco News Desk