Central Bank of Russia May Ban Cryptocurrencies

The Central Bank of Russia may ban cryptocurrencies. The bank has published a new report regarding cryptocurrencies.

The Central Bank of Russia has published a report titled “Cryptocurrencies: trends, risks, measures”. The report includes opinions that Russia should ban cryptocurrencies. The report was presented at a press conference with Elizaveta Danilova, director of the Financial Stability Department of the Central Bank of Russia. In the report titled “Cryptocurrencies: trends, risks, precautions,” the bank stated that cryptocurrencies are volatile and are widely used in illegal activities such as fraud. Also, the report said, by offering people an outlet for their money from the national economy, it risks undermining it and complicating the regulator's job of maintaining optimal monetary policies. For all these reasons, it was noted that the country needs effective bans on crypto activities. In addition, it was stated that the optimal solution would be to ban crypto mining in Russia. Some of the prohibitions were as follows: *In particular, the issuance of cryptocurrency and the organization of its circulation in Russia should be prohibited. *Forbidden; should apply to exchanges, over-the-counter trading desks and peer-to-peer platforms. *An existing ban on the use of crypto for payments should be strengthened. *Penalties should be introduced for the purchase or sale of goods, services and labor by Russian individuals and businesses. *Russian institutional investors should not be allowed to invest in crypto assets and no Russian financial institutions or infrastructure should be used for cryptocurrency transactions.