In a report titled “Cryptocurrencies: Trends, Risks, Measures,” Russia’s central bank supports a ban on a variety of crypto-activities. The paper was released on Thursday, and the regulator is seeking feedback and ideas on its contents until March 1. The Central Bank of Russia (CBR) acknowledges in the document the fast rise of the global crypto market in the last year, as well as the $5 billion in crypto transactions conducted by Russians each year.
At the same time, the bank warns that the increase in value is mostly determined by speculative demand, which is developing a bubble, and that cryptocurrencies have the characteristics of a financial pyramid. It claims that their expansion directly impacts the stability of Russia’s financial system, monetary policy sovereignty, and the well-being of its inhabitants.
To lessen these concerns and the potential for criminal conduct, the Bank of Russia aims to work with the Russian government and parliament on a number of suggested legislation modifications in the coming months. These include the imposition of legal ramifications for violations of the prohibition on the use of cryptocurrency as a form of payment for goods and services.
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