Russian Central Bank considers banning cryptocurrencies

The Central Bank of the Russian Federation put forward a suggestion to ban the issuance, mining and circulation of cryptocurrencies in Russia. As bank representatives said, one should not ignore an increase in risks associated with crypto assets in Russia against the background of the fact that the Russian ruble is not a reserve currency. A report, which was published on the website of the Central Bank, highlights the need for a few amendments to the Russian legislation. Among other things, amendments suggest banning the issuance, mining and exchange of cryptocurrencies. The regulator also believes that banks should not invest their funds in digital assets, whereas operations to buy and sell cryptocurrencies for real money should be blocked. "To introduce a ban on investments by financial organizations in cryptocurrencies and related financial instruments, as well as on the use of both Russian financial intermediaries and the financial infrastructure of Russia to carry out transactions with cryptocurrencies and establish liability for violation of this ban," the report from the Central Bank said.