May 21, 2022

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Total Crypto Ban Called for by Russian Central Bank: Here's Potential Reason for It

1 min read

According to CoinDesk, in a report issued today, on Jan. 20, the Central Bank of Russia has suggested that mining, trading and usage of digital currencies should be marked as illegal.

Source: u.today

Calling for a complete crypto ban

The document insists that cryptocurrencies are extremely volatile and are frequently used in criminal activities, including fraud and tax evasion. Therefore, use of cryptocurrencies poses risks to the national economy by taking “real” money out of it and putting it into crypto. Besides, cryptocurrencies are hard to monitor, and regulators will have a hell of a time maintaining monetary policies over them.

Particularly, the report mentions that issuance of crypto (mining) and its circulation must be banned, as well as cryptocurrency trading on exchanges, OTC desks and P2P platforms.

Besides, no financial institutions should be allowed to invest their money into crypto assets.

Clearing space for digital ruble?

Still, Russia does not seem to be giving up on its plans to start trialing the digital ruble this year, as reported by U.Today earlier. The proposed anti-crypto policy seems quite similar to the total Chinese crypto ban imposed last year on mining and trading, while national trials of its own CBDC—the digital yuan (DCEP)—are already underway.

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