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Russian central bank officials are working on prohibiting investment in cryptocurrencies to tame financial stability risks, according to a report.
The Bank of Russia is talking with market players and experts about a possible ban, according to a report.
The ban may apply to new purchases, but not prior transactions, according to one source. A source close to the central bank said that the bank's position is a complete rejection of all cryptocurrencies.
The Bank of Russia said in reply to a request for comment that it was preparing an advisory report to voice its stance on the issue. It did not mention anything.
Central Bank First Deputy Governor Ksenia Yudaeva said earlier this month that the increasing popularity of cryptocurrencies has raised concerns about financial stability. According to the report, the central bank says that Russians carry out $5 billion in cryptocurrencies annually.
Russia has been against cryptocurrencies because they could be used to finance terrorism. The country in 2020 gave them legal status but banned them from being used as a means of payment, according to a report.
China's ban on cryptocurrencies would be followed by a Russian ban. Beijing declared all cryptocurrencies transactions illegal in September.
The market has boomed this year as more institutional and retail investors invest in it. Its valuation had risen to $3 trillion for the first time but has since fallen back.
Business Insider has an original article.
