The Russian central bank proposes a ban on trading and mining of cryptocurrencies

 

The Russian central bank proposes a ban on trading and mining of cryptocurrencies

Russia intends to ban all issuance and prevent banks from investing in it by blocking the exchange of crypto with traditional currency

What if one of the biggest cryptocurrency mining nations bans its use? According to a report published by the Russian central bank, and reported by Bloomberg, the institute has plans to ban the use and creation of all cryptocurrencies nationwide. According to the draft of the proposals, Russia would ban all cryptocurrency issuance and operations, prevent banks from investing in it, block the exchange of crypto coins with traditional currency, and introduce legal responsibility for using this type of payment in purchases.

In the 36-page report, the central bank said, "The soaring growth and market value of the cryptocurrency are primarily defined by speculative demand for future growth, which creates bubbles.""Ang mga cryptocurrencies ay mayroon ding mga aspetong financial pyramid dahil ang kanilang pagtaas ng presyo ay higit na hinihimok ng demand mula sa mga bagong pasok sa merkado," idinagdag niya.

The Federal Security Service, or FSB, has lobbied the governor, Elvira Nabiullina, for a blanket ban on these assets as hard-to-track payments are increasingly used by Russians to donate to anti-regime organizations, including media resources. . Russia became the third largest cryptocurrency mining country in the world last year, according to data from the University of Cambridge. The largest plants are in the north of the country and in Siberia, where temperatures are low and cheap energy is available. BitRiver, Minespot, and BitCluster are among the leading companies providing services in the sector. 

As the debate over cryptocurrencies intensifies in Russia, the Speaker of the Lower House of Parliament Vyacheslav Volodin said this week that creating a regulatory framework will be a priority in the spring session of the State Duma. Any ban should first be converted into law before it comes into effect. The push to ban cryptocurrencies comes amid a far-reaching crackdown on anti-Kremlin opposition and independent media after Alexey Navalny's arrest a year ago. However, the announcement does not seem to have caused the price of bitcoin to collapse, which rose 3% to $ 43,249. (All rights reserved)