The Russian Central Bank Intends To Prohibit Cryptocurrency Investing

The Russian central banking decided to strongly oppose the cryptocurrency industry.

Reuters reported on December 16 that Russia’s Central Bank wants to stop people from investing in digital assets, which are not real money. It refers primarily to the possible risks associated with the country’s financial stability.

The institution reiterated the previous example of cryptocurrency being used in criminal activities.

According to reports, the bank has been in discussions with market participants as well as experts regarding how to implement new restrictions.

The country will not allow investors to operate digital assets if this plan goes into effect. Their previous investments will not be affected by the ban.

The world’s largest country has had a lot of different views on digital assets for a long time. Although he had thought about a ban before, he never implemented it. Alexey Mosev, the country’s assistant finance minister, recently assured that he doesn’t intend to follow China’s example and ban “everything cryptocurrency”. Moiseev told the media that at the moment:

The Russian Federation allows citizens to buy (cryptocurrencies), and access their wallets abroad. It is likely to remain this way. There are no plans for anything to be changed. However, any local investors that use digital assets in Russia will be banned for the foreseeable future, due to Russia’s financial sovereignty.

The deputy Minister also stated that the government won’t change its position about digital assets as payment methods. They will be kept out of circulation, or the country could lose control over its money supply.

Many Russian politicians and people in power have criticized cryptocurrencies. Elvira Nabiullina (head of the Central Bank of Russia) stated that digital asset investment was the most dangerous type. Sergey Shvetsov was even more frank in his statement that trading Bitcoin is as risky and dangerous as entering a minefield.

Read Also: Global Payment Services Leaders See Cryptocurrency As An Opportunity, Not A Threat

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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