The Russian Central Bank Is Considering Banning Cryptocurrency Investments

Russia’s controversial approach to cryptocurrencies continues, as the central bank now intends to prohibit such investments.

Russia’s central bank has now taken an extremely hostile stance against the cryptocurrency business, with recent reports claiming that the agency intends to block domestic investors from devoting cash to them.

According to a December 16th Reuters story, Russia’s central bank is reportedly considering prohibiting investments in digital assets, citing possible hazards to the country’s financial stability.

As with prior instances when the organisation spoke out against the crypto business, it detailed the suspected use of the assets for nefarious purposes.

According to two persons familiar with the situation, the bank has begun discussions with market participants and specialists about how to proceed with implementing the ban.

If the nation is successful, it will restrict investors from working with digital assets going ahead, although prior investments would remain unaffected.

For years, the world’s biggest country by landmass has held divisive and conflicting views on the digital asset field.

It has previously flirted with the concept of a ban but has never imposed one. Indeed, the nation’s deputy finance minister – Alexey Moiseev – has reassuringly said that the government has no intention of following China’s lead and outright prohibiting any forms of cryptocurrency.

Certain local banks, for example, Neobank, have been particularly receptive to the concept of introducing bitcoin services. Others, on the other hand, want further regulatory clarification before proceeding down that path.

Also Read: SEBA Bank Of Switzerland Introduces A Gold-Backed Digital Token