The central bank believes that virtual currencies should be banned because they pose risks to the financial system and their mining environmental damage.
Russian the central bank is proposing a ban on the extraction and trading of virtual currencies in Russia.
In a report released on Thursday, the central bank believes that virtual currencies should be banned because currencies pose risks to the financial system and undermine the independence of monetary policy.
In addition, the mining of virtual currencies, according to the central bank, causes environmental problems and complicates Russia’s energy supply.
“The use of virtual currencies poses significant risks to the well-being of Russian citizens and the stability of the financial system,” the report writes AFP.
The report notes that the growth of virtual currencies is based on “speculative demand” that leads to the formation of “bubbles”. According to the review, virtual currencies resemble pyramid scams as their value increases as new players enter the market.
Virtual currencies were legalized by the Russian authorities in 2020, but they must not be used as a means of payment in Russia. In December, mutual funds were banned from investing in virtual currencies.
News agency Bloombergin according to sources Russia’s security service, the FSB, has been lobbied by the central bank’s governor Elvira Nabiullinaa for a strict ban on virtual currencies.
The FSB is said to be concerned that Russians could support opposition groups with virtual currencies.
Russia is one of the world’s largest miners of virtual currencies. The largest mining centers are located in the northern parts of the country and in Siberia, where the climate is suitably cool for data centers and energy is abundant.
The report estimates that the volume of virtual currency trading in Russia is about $ 5 billion (about € 4.5 billion).
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