The Russian Central Bank CBR Planning on a Crypto Ban

[mlawson71]

The Russian Central Bank – which is also the country’s chief financial regulator – has proposed a ban on the use and mining of cryptocurrencies. According to this recent report, the reasons behind this proposal are concerns about the overall financial stability, people’s safety, and monetary policy independence.
Russia has long been quite hostile towards cryptos, from insisting that they are used to launder money to being used to finance terrorism and other anti-government movements. That said, the country legalized cryptos for the first time, but did not allow their usage as a payment method.
The Russian Central Bank also stated that cryptos rallied as much as they did to speculative trading and that they exhibited the features of a financial pyramid, and, on top of everything else, warned of market bubbles that put people’s financial stability at risk.
Source
This may end up having a chilling effect on the industry, since a lot of the crypto miners moved to Russia after the ban in China.