Russian Central Bank Seeks to Ban Crypto Investments, Citing Financial Stability

[waybesuricata]

Russia’s central bank has become the latest to potentially put the anchors on crypto-asset investing for its citizens. Like many before it, the central bank has cited risks to financial stability according to reports.

According to a Dec 16 Reuters report citing “financial market sources close to the bank,” the Russian central bank wants to ban crypto investing within the country.

The report went on to state that Russian regulators have long echoed the sentiment that cryptocurrencies can be used for money laundering and terrorism financing.

They have been banned as a means of payment but were permitted for trading and investment in 2020. It appears that the central bank is now seeking to overturn that as well.

Russian crypto ban imminent?
Reuters reported that the central bank is currently in talks with “market players and experts” about a possible outright ban. One source stated that it could apply to new crypto purchases but may not be applicable to those bought previously;

Another source close to the Bank of Russia said the central bank’s current position was a “complete rejection” of all cryptocurrencies.



Source and continuation of news: https://beincrypto.com/russian-central-bank-seeks-ban-crypto-investments-citing-financial-stability-risks/

[trendcoin]

States have to consider their national interests. Russia is doing what is necessary for its own interests. I can't blame them. I can't say they are on the right track either. I can only respect.

[Fenix]

In principle, in Russia it has long been going towards the adoption of a complete ban on cryptocurrency. The government headed by Putin simply did not want to immediately show that it belongs to an authoritarian regime and is against the rights and freedoms of its people. Sooner or later, this must still be recognized.
At the summit, the G20 countries recognized that cryptocurrency does not pose a threat to global financial stability. Only in Russia for some reason did such a threat appear. Well, Russians need to fully understand who is ruling them. I would also not be surprised that they will introduce criminal liability for the storage and use of cryptocurrencies. This possibility has long been discussed in their legislature.