Bank of Russia Proposes Wide Ban on Cryptocurrency Use, Trade, Mining – Regulation Bitcoin News

Central Bank of Russia proposes wide-ranging ban on #cryptocurrency use, exchange, and mining.

Cryptocurrency, Amendments

1/21/2022 8:01:00 AM

Central Bank of Russia proposes wide-ranging ban on cryptocurrency use, exchange, and mining.

The Central Bank of Russia is now pushing for a wide-ranging ban on crypto-related activities such as issuance, exchange, and mining.

The central bank has alsoopposedcrypto investments and intends to prohibit financial organizations from investing in cryptocurrencies and crypto-based financial instruments. It insists that the Russian financial infrastructure and intermediaries should not be used to facilitate cryptocurrency operations.

Mining cannot be ignored either, Bank of Russia says, as it increases the involvement of the population and the economy in the crypto market. The regulator believes the current scale and further spread of the activity bring significant risks for the environment and energy supply. Prohibition is the best solution, the CBR says.

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” that are prohibited under current Russian law. It now wants to ban their issuance and circulation in the Russian economy, including through digital asset exchanges and peer-to-peer platforms. The central bank has also opposed crypto investments and intends to prohibit financial organizations from investing in cryptocurrencies and crypto-based financial instruments. It insists that the Russian financial infrastructure and intermediaries should not be used to facilitate cryptocurrency operations. Mining cannot be ignored either, Bank of Russia says, as it increases the involvement of the population and the economy in the crypto market. The regulator believes the current scale and further spread of the activity bring significant risks for the environment and energy supply. Prohibition is the best solution, the CBR says. Amid China’s crackdown on the industry, energy-rich Russia has become a mining hotspot. The minting of digital currencies is not only a profitable business but also an additional income source for many households that have access to subsidized electricity. Authorities in some regions have complained about rising energy consumption that strains power grids. Bank of Russia plans to improve its monitoring of crypto operations. It intends to work closer with financial regulators in other jurisdictions as part of these efforts, especially in order to gather information about transactions conducted by Russian citizens. The bank’s proposal, however, does not envisage restrictions on owning cryptocurrency outside of Russia, as noted by the head of the central bank’s Financial Stability Department, Elizaveta Danilova. In advance of presenting its view on crypto regulations in this report, the Central Bank of Russia stated last month that it sees