RUSSIA is set to issue a complete ban on all cryptocurrency trading and mining – freezing $92billion worth of digital assets.
Moscow’s central bank has proposed a blanket ban on the use and creation of all cryptocurrencies within its borders.
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Russia is the third biggest crypto mining nation in the world – and current has $92billion of assets held in 17 million crypto wallets.
Vladimir Putin’s security services have complained that they consider crypto currency a problem.
In a report, Russia’s Central Bank said they consider crypto currency as “bearing the hallmarks of a pyramid scheme”.
And it warned the bankers believe crypto poses a “threat to the Russian financial system” and undermine the country’s economic sovereignty.
The central bank insisted it will not outlaw ownership of the crypto for citizens – but trades using the digital cash will be banned.
“Potential financial stability risks associated with cryptocurrencies are much higher for emerging markets, including in Russia,” the report said.
“This is due to the traditionally higher propensity for saving in foreign currency and an insufficient level of financial literacy.”
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Putin’s central bank also claimed that crypto mining – which sees computer systems running to solve mathematical problems to get the coins – hurts the country’s “green agenda”.
Russia’s Federal Security Service (FSB) had lobbied for a blanket ban on crypto as it was increasingly used by opposition groups and undesirable media.
More to follow…
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