MOSCOW: The Russian central bank would like to ban investments in cryptocurrencies in Russia, seeing risks to financial stability in the rising number of crypto transactions, two financial market sources close to the central bank said.
Russia for years spoke against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. It eventually gave them legal status in 2020 but banned them from being used as a means of payment.
The central bank is now in talks with market players and experts about the possible ban, which, if approved by lawmakers, may apply to new purchases of crypto assets but not to those bought in the past, one of the financial market sources said, asking not to be named due to the sensitivity of the matter.
Another source close to the Bank of Russia said the central bank’s current position is a “complete rejection” of all cryptocurrencies.
In a reply to Reuters request, the central bank said it was preparing an advisory report to voice its stance on the issue. It did not comment on specifics.
The annual volume of transactions with cryptocurrencies that Russians carry out is about $5 billion, according to the central bank. Its increasing popularity causes concerns about risks to financial stability, Central Bank First Deputy Governor Ksenia Yudaeva said earlier in December.
“The situation in developed market countries more and more resemble the so-called shadow financial system,” Yudaeva wrote in an article, adding that the use of cryptocurrencies lowers the efficiency of monetary policies.
Yudaeva, pointing at China’s experience, said Russia needed a further adjustment of cryptocurrency regulation.
In September, China intensified a crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks.
Meanwhile, the Bank of Russia is planning to issue its own digital rouble, joining the global trend to develop digital currencies to modernise financial systems, speed up payments and counter a potential threat from other cryptocurrencies.
Really good post! it’s a very informative article Keep sharing more useful and informative articles. Thank you
Kosovo police seize 300 crypto mining machines amid electrical energy shortages
The police in Kosovo have ramped up their efforts to crack down on crypto miners within the nation, confiscating greater than 300 mining machines on Jan. 8 alone.
An announcement issued by the Kosovo police on Jan. 8 revealed that it had seized 272 “Antminer” Bitcoin mining machines within the municipality of Leposavic, and one other 39 mining machines close to Prishtina.
cryptocurrencies
Nice article and best information shared
Apparently, binary options is an all or nothing investment. I realized this after losing my Gratuity invested with BinaryTilt. After series of research and consultations with friends and families..I came a across a recovery team who helped me recover all the funds lost. I am excited to share this now that I have my money and also to help other Victims recover their funds too. You can reach out to them on their website : “{CRYPTOHEISTRECOVERY DOT COM}”
WHATSAPP: +1 904 289 2594
Happy to share my success story on how i was able to recover my money from a scam broker . I lost everything, with my life in shambles dealing with this fake exchange. My frustration came to an end, when I came across an agent who was able to have all my money recovered from trading companies. I am so grateful, you can reach out to them via email below ; blockchainchargeback at gmail DOT com