Even though the Russian citizens trade about $5 billion worth of crypto each year, the regulators call for a complete crypto ban and rejection of cryptocurrency investments. The Russian central bank keeps its anti-crypto stance and plans on forbidding all crypto investments in the country.
Russian Central Bank Concerned Over the Country’s Financial Stability
Two anonymous sources close to the regulator stated that the central bank is worried about the country’s financial stability and the risks involved with cryptocurrency transactions.
One of the reasons the central bank wants to ban crypto is because Russians trade about $5 billion worth of cryptocurrency every year.
However, the current regulations of the crypto industry are quite complex. For example, last year, Russia recognized cryptocurrencies as property but still banned their usage as a payment method.
Additionally, the Russian legislators wanted to deal with crypto taxation, holding, and several other areas, but not so many bills have been passed yet.
At the moment, the central bank of Russia is in talks with local cryptocurrency market experts and organizations but has yet to see a green light for the ban.
If lawmakers approve the ban, all new cryptocurrency purchases will be prevented. Still, the new law couldn’t do much about Russians who already hold crypto in their portfolios. A source also confirmed that the Russian regulators want a complete rejection of all cryptocurrencies.