Russia’s central bank plans to ban cryptocurrency investments due to risks to financial stability. This was reported by Reuters.
According to media reports, the Central Bank of the Russian Federation is negotiating with market participants and experts for a possible ban. One of the interlocutors of the publication stated that if the initiative is adopted, the restrictions will not affect the owners of previously acquired digital assets.
Another source claims that the regulator’s position is a “complete rejection” of all digital currencies. The Central Bank said it would comment on the issue in a special report.
In September, Russia’s central bank classified bitcoin exchange transactions as potentially suspicious and advised other banks to pay attention to them and even block them in case of suspicion of money laundering.
The regulator also opposed the access of unskilled investors to cryptocurrencies, using them for payments within the country, and called Russian investment in bitcoin a possible problem.
A month ago, a report was released estimating the annual volume of cryptocurrency transactions at around $ 5 billion.
The head of the State Financial Market Commission, Anatoly Aksakov, said Russian authorities were now discussing various options for regulating the industry, including a total ban on investing in cryptocurrencies.
- What is ThorchainThorchain is a Cosmos blockchain-based protocol that exchanges crypto assets such as Bitcoin and Ethereum between different networks. While crypto markets are maturing, developing… Read More »What is Thorchain
- Blockchain’s impact on government services across the globeGovernments are tasked with bringing truthful and environment-friendly providers to the general public. Sadly, offering transparency and accountability typically ends in a discount in effectivity and effectiveness or vice versa. Governments are often compelled to decide on enhancing one at the price of the opposite. On uncommon events, know-how comes alongside that… Read More »Blockchain’s impact on government services across the globe
- What’s the difference between staking and mining – the main algorithms for crypto miningMining – this is the extraction of cryptocurrency, performed by computer equipment based on an algorithm for proving work (PoW). Located in different parts… Read More »What’s the difference between staking and mining – the main algorithms for crypto mining
- Profitability strategy: how to avoid losses in the crypto fieldWhile investing in cryptocurrencies, every trader wants the purchased asset to grow and its price to be profitable. However, there is no one who… Read More »Profitability strategy: how to avoid losses in the crypto field
- What is the Swift payment system and how does it work?In the era of global trade, countries are looking for safer and more secure ways to transfer funds between banks. Networks and intermediaries are… Read More »What is the Swift payment system and how does it work?