In a report published on Thursday, the Russian Central Bank called for a blanket ban on trading and mining of domestic cryptocurrencies.
The report titled “Cryptocurrencies: Trends, Risks, Measures” compares cryptocurrencies to a Ponzi scheme and calls for a complete ban on their use throughout Russia. The authors claim that cryptocurrencies are highly volatile in nature and are used as a tool for illegal activities. The report also warned that cryptocurrencies could pose a risk to financial sovereignty and could help people take money out of the national economy. The report said:
“The potential financial stability risks associated with cryptocurrencies are much higher for emerging markets, including Russia.”
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The Russian central bank has demanded a complete ban on over-the-counter (OTC) trading services, cryptocurrency exchanges, and peer-to-peer exchanges. The report also called for tightening the ban on crypto payments and introducing strict punishment for any violations.
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