Eastern Europe

Russian Central Bank Proposes Blanket Ban On Crypto Mining And Trading

Russian Central Bank Proposes Blanket Ban On Crypto Mining And Trading
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In a report published on Thursday, the Central Bank of Russia has called for a blanket ban on domestic cryptocurrency trading and mining.

The report titled “Cryptocurrencies: Trends, risks, measures” compares cryptocurrencies to a Ponzi scheme and calls for a complete ban on their use throughout Russia. The authors claim that cryptocurrencies are highly volatile in nature and are being used as a tool for illegal activities. The report also warned that crypto could pose a risk to financial sovereignty and could aid people in taking money out of the national economy. The report read:

“Potential financial stability risks associated with cryptocurrencies are much higher for emerging markets, including Russia.” 

The Russian central bank demanded a complete ban on over-the-counter (OTC) trading desks, crypto exchanges as well as peer-to-peer exchanges. The report also called for reinforcing the crypto payment ban and the introduction of strict punishment for any violations…

To read more visit CoinTelegraph.

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