Russia Ban Crypto: Targeting the trading and mining of cryptocurrencies in Russia, the central bank of Russia today called for a complete ban on cryptocurrencies. The central bank accused it of being “used in volatile and illegal activities”. At the same time, it has been described as a threat to the financial stability of the country, the prosperity of the citizens and the sovereignty of its monetary policy.
The impact of crypto on the economy
In a report titled “Cryptocurrencies: Trends, Risks, Measures”, the central bank said that cryptocurrencies provide an opportunity for people to move their money out of the country’s economy, weakening the economy and for regulators to change their monetary policies. It’s getting harder to keep up.
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Just a few weeks ago, the Central Bank of Russia announced plans to collect information from commercial banks regarding certain private money transfers, including the details of clients trading in cryptocurrencies in the country and abroad.
Emphasis on imposing additional penalty
The country may have given crypto legal status in 2020, but Russia has banned accepting cryptocurrencies as a means of payment in transactions of goods and services. However, the latest report insists on imposing additional penalty on violators of this rule. It is reported that the bank is working on plans to introduce its own digital currency (CBDC) or digital ruble, which it calls the future of banking in the country, meeting the citizens’ need for fast, efficient and affordable payment options.
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Russia ranks third in bitcoin mining
Russia ranks third in the world in bitcoin mining after the US and Kazakhstan. Bitcoin and other cryptocurrencies are “mined” by powerful computers. “The best solution is to ban cryptocurrency mining in Russia,” the Central Bank of Russia said.
Where is cryptocurrency banned?
Other countries such as China, Bangladesh, Russia, Egypt, Morocco, Turkey, Iran, Algeria, Bolivia, Colombia, Indonesia, Nepal and North Macedonia have also banned the use of cryptocurrencies in recent days.
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