While the Russian parliament wants to legalize and regulate cryptocurrencies, the Russian central bank wants to implement a complete ban.
According to a media report, the Russian Central Bank (CBR) wants to ban investments in cryptocurrencies and justifies this with the risks they could pose to the country’s financial stability. She says these risks increase with the spread of crypto transactions.
The regulator is a strong opponent of legalizing the circulation of cryptocurrencies in the Russian economy and often refers to assets like Bitcoin as “money surrogates” and their acceptance as means of payment.
According to two sources from the Russian financial sector, which were quoted by Reuters, the monetary authority is now discussing a possible ban on the purchase of new crypto assets with market participants and experts. If the restrictive measure is adopted, it would not affect previous purchases, according to one of the two sources who chose to remain anonymous.
The other source, close to the CBR, revealed that the central bank is currently advocating a “complete rejection” of all cryptocurrencies. This would also benefit the users of Bitcoin Profit meeting.
When asked, the Bank of Russia stated that it was preparing an advisory report to express its position on the matter, but declined to provide details.
According to Russian media, a working group formed at the State Duma to regulate cryptocurrencies will begin its work in December and begin examining a report prepared by the CBR.
In the recently published overview of financial stability for the second and third quarters of 2021, the Bank of Russia cited estimates by financial institutions that the annual volume of digital currency transactions made by Russian citizens is around $ 5 billion.
The agency warned that cryptocurrency deals “pose significant risks to financial stability and investors”.
Sources: PublicDomain on December 26th, 2021