Russia’s central bank suggests making crypto trading, mining and usage illegal. Owning crypto would be allowed, according to CoinDesk.
Russia must ban cryptocurrencies, the country’s central bank said in a report released Thursday.
The report, „Cryptocurrencies: trends, risks, measures,” was presented during an online press conference with Elizaveta Danilova, the director of the Bank of Russia’s Financial Stability Department.
The report says cryptocurrencies are volatile and widely used in illegal activities such as fraud. By offering an outlet for people to take their money out of the national economy, they risk undermining it and making the regulator’s job of maintaining optimal monetary policies harder, the report said.
The bank, therefore, said Russia needs new laws and regulations to effectively ban crypto-related activities. The bank is not suggesting banning ownership of crypto by private citizens, Danilova said.
Online press conference with Elizaveta Danilova (russian)
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: