Anonymous financial market sources claim that the Russian central bank is preparing to ban all cryptocurrency investments
Sources familiar with the Central Bank of Russia have told Reuters that the bank is considering banning all investments in cryptocurrencies. If true, the move wouldn’t affect investments that users have made before the legislation but would ban all subsequent ones. The central bank is reportedly in talks with market experts and investors about outlawing cryptocurrency investments. According to one source, the central bank’s position on crypto is one of universal rejection.
Upon asking for comment by Reuters, the central bank didn’t specify whether it is targeting a complete ban on investment or not. The bank commented that a report meant to explain the bank’s position on cryptocurrencies is underway. This is not the first time that the Bank of Russia has taken a hard stance against virtual currencies.
In 2020, Russia banned crypto payments, citing reasons such as money laundering and terror financing. With China’s hardline approach of banning decentralized virtual currencies in favor of the central bank issued one serving as a model, Russia is moving closer to issuing the digital Russian Ruble while at the same time restricting the use of decentralized cryptocurrencies.