Friday, January 28, 2022
Home Crypto News Market Russia Central Bank Considering "Complete Rejection” Of All Cryptocurrencies

Russia Central Bank Considering “Complete Rejection” Of All Cryptocurrencies

- Advertisement -

Digital assets are used in Russia, but they cannot be used as a means of payment, as the country’s government believes they can be used for money laundering or terrorist financing.

Reuters reports that the Central Bank of Russia sees the increase of crypto transactions as a risk to the country’s financial stability.

The source told Reuters that the current position of the Central Bank of Russia is the “complete rejection” of all cryptocurrencies.

Reuters report that the regulator is currently discussing a possible ban with market participants and experts and is preparing an advisory report to express its position on this issue. If approved, such a ban could apply to new purchases of crypto assets, but not to existing portfolios.

According to the Central Bank of Russia, the annual volume of crypto transactions made by Russian citizens is more than $5 billion. In a financial stability review published last month, the regulator said Russians are among the most active participants in the cryptocurrency market in the world. Russia Top bank thinks crypto increasing popularity causes serious concerns about risks to the country’s financial stability.

In June, CEO of Russian leading online bank Tinkoff, Oliver Hughes informed CNBC that it could not offer crypto trading to its customers because of the Bank of Russia’s policies.

In July, the Russian central bank asked stock exchanges to abstain from listing both foreign and domestic crypto-oriented businesses due to regulatory risks.

In October, the Russia Deputy Minister of Finance said that there were no plans to prohibit the purchase of crypto or the use of foreign cryptocurrency wallets.

In November, Russian media reported that the Russian government wants to tax miners.

- Advertisement -
Albert Brown
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

FLOKI Partners With Crypto Education Specialists TechTree to Build the Premier Crypto Educational Platform “Floki University”

Floki Inu (FLOKI) recently declared via tweet that it has partnered with TechTree, the core educational platform for crypto and De-Fi - a core...

Crypto Relief India has decided to move $100 Million USDC Back to Vitalik Buterin Wallet with the Intention to Accelerate Relief Efforts in India

Sandeep Nailwal, a cofounder of Polygon (MATIC) and founder of Crypto Relief, has just posted a CryptoRelief Update via his official Twitter handle. According to...

Ripple Supporters May Wait Until Next Year Before SEC Lawsuit Will End

John Deaton said Ripple supporters may have to wait until next year before a verdict is given in the  lawsuit filed by the Securities...

DeFi Wallet Ambire Gains Momentum, Launches $WALLET Token on Huobi Primelist

Sofia, Bulgaria, 28th January, 2022, — DeFi-focused crypto wallet by Ambire is launching its much anticipated governance token on the Huobi exchange. Ambire...

Celebrate Lunar Spring Festival With Theme: A Holiday For Some, Rewards For Everyone. wishes all its users a very happy Lunar Spring Festival! May the year of the Tiger bring you health, wealth, love, and prosperity.

Bradenton Hot Dog Restaurant Embraces Dogecoin As Payment

A Bradenton restaurant named Willy-Yums has announced that customers can now pay for their favorite hot dog sandwiches using popular cryptocurrency dogecoin (DOGE). 

Some Major Thing Coming For SHIB, Shiba Inu Team Teases: ‘Something Is Cooking, Will You Be Ready’

Nowadays, Shiba Inu (SHIB) teases its holders and followers with new surprises. window.coinzilla_display = window.coinzilla_display || ; ...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.