The Central Bank proposed to ban the issuance, mining and circulation of cryptocurrencies in Russia. The regulator considered that the increase in risks associated with cryptoassets cannot be ignored in the country, given that the Russian ruble is not a reserve currency. This is stated in reportpublished on the website of the regulator.
The Central Bank called for several amendments to the legislation. Among other things, we are talking about banning the issuance, mining and exchange of cryptocurrencies. The regulator also believes that banks should not invest their money in digital assets, and operations to buy and sell cryptocurrencies for real money should be blocked. “Introduce a ban on investments by financial organizations in cryptocurrencies and related financial instruments, as well as on the use of Russian financial intermediaries and Russian financial infrastructure to carry out transactions with cryptocurrencies and establish liability for violation of this ban,” the Central Bank said in a report.
For Russians, they propose to introduce responsibility for purchases in cryptocurrency. The Central Bank clarified that at the moment Russia accounts for 11 percent of the capacity for bitcoin mining, the country ranks third in the world in terms of cryptocurrency mining.
Earlier, Bloomberg wrote that the Federal Security Service (FSB) persuaded the Chairman of the Central Bank Elvira Nabiullina to support the introduction of a complete ban on operations with cryptocurrencies. The power department was concerned about the growth of payments in favor of opposition organizations, which are considered undesirable in Russia. In total, there are about 7 trillion rubles in the accounts of 17 million crypto wallets in Russia. A very small part of this amount goes to finance the opposition, but the FSB fears that the situation will worsen.
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