Breaking: Bank of Russia Calls for Full Ban on Cryptocurrency

Big breaking news is coming in this morning! Russia’s central bank suggests making crypto trading, mining, and usage illegal reports CoinDesk. the country’s central bank released a statement Thursday and said, “Russia must ban cryptocurrencies.”

The Bank of Russia’s Financial Stability Department director, Elizaveta Danilova, showed the report named “Cryptocurrencies: trends, risks, measures” at a media conference.

According to the report, cryptocurrencies are volatile and primarily used in illicit actions such as fraud. They offer an outlet for people to take their money out of the national economy.

The bank, consequently, proposes Russia needs fresh laws and regulations that virtually ban any crypto-related movements in the country.

Ban on crypto transactions

The report adds that a ban on using crypto for payments should be reinforced, and Russian individuals and companies should punish people for buying or selling goods, services, and labor in exchange for crypto.

Cryptocurrency mining, which thrived in Russia over the past few years, also came under fire.

Recently, the Bank of Russia stated that Russians execute over $5 billion worth of crypto trades in a year. Not sure how this amount was calculated.