For the past few years, authorities in Russia have been talking about the need to ban cryptocurrencies because of the possibility of using cryptocurrencies for illegal activities. Cryptocurrencies were legalized in Russia two years ago but their use in payments is not allowed. The Bank of Russia on Thursday called for a ban on cryptocurrency payments and cryptocurrency mining. Along with this, a demand has also been made to make strict laws regarding their trading. A report published by the Bank of Russia said, “The use of cryptocurrencies can harm Russian citizens and the financial system.” It added that there is demand from speculatives due to the increase in trading of cryptocurrencies.
According to the report, cryptocurrencies are like “pyramid schemes” as their value increases with the introduction of new people into the market. The annual transactions of cryptocurrencies in Russia are estimated to be around $5 billion (about Rs 37,270 crore). Earlier, Bloomberg had reported in a report citing sources that Russia’s security agency FSB has talked to the head of the Bank of Russia, Elvira Nabiulina, about banning cryptocurrencies. The FSB suspects that cryptocurrency transactions are being used to help opposition parties and organizations opposing the government.
There has also been a demand for banning cryptocurrencies in India. The central government has made preparations to make a law related to cryptocurrencies. The bill related to this was planned to be introduced in the winter session of Parliament but it has been postponed. Some organizations like Swadeshi Jagran Manch are opposing cryptocurrencies. They say that cryptocurrencies can increase illegal activities. The number of people trading in cryptocurrencies is increasing in India.
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