Breaking news coming this morning! The Central Bank of Russia offers to make illegal reports on the trading, mining and use of the CoinDesk cryptocurrency. The country’s central bank released a statement on Thursday and said, “Russia must ban cryptocurrencies.”
The Director of the Financial Stability Department of the Central Bank of Russia, Elizaveta Danilova, presented the report entitled “Cryptocurrencies: trends, risks, measures” at a press conference.
According to the report, cryptocurrencies are highly volatile and are mainly used in illegal actions such as fraud. They provide an outlet for people to get their money out of the national economy.
As such, the bank proposes that Russia needs new laws and regulations that virtually ban any crypto-related activities in the country.
Cryptocurrency trading is prohibited
The report adds that the ban on the use of cryptocurrencies for payments should be strengthened and that Russian individuals and companies should punish those who buy or sell goods, services and labor in exchange for cryptocurrencies. .
Cryptocurrency mining, which has flourished in Russia over the past few years, has also come under fire.
Recently, the Central Bank of Russia stated that Russians conduct more than 5 billion dollars in cryptocurrency transactions in a year. Not sure how this amount was calculated.