According to a Reuters report, the Russian Central Bank is looking to ban individuals from investing in bitcoins and another cryptocurrency as it poses a risk to the stability of the country’s finances.
As per this report, the national government is working with the experts and key people on the possibility of prohibiting the rampant increase of crypto-related activities in the country.
A different source informed Reuters they believed that the current position of the central bank is a “complete reject” of all cryptocurrencies. The news site said that it had contacted the Bank of Russia for comment The bank responded that it was working on an advisory report to clarify its position on the issue.
There is no official confirmation on this claim from Russian Bank, however, another report from the news site Reuters speculates a complete ban on all cryptocurrencies. The government is not in the favor of encouraging this digital form of currency owning to the risk of financial stability and other associated drawbacks. As per the latest statement by the Russian Central bank, a team is working on an advisory report to clarify its stand on the regulation of cryptocurrencies.
In the past Russian President, Putin has commented on Bitcoin after El Salvador declared Bitcoin as a legal tender. The Russian Premier advocated for its user in breaking the dependence of the US dollar, at the same time Putin was not convinced to adopt Bitcoin as a form of currency. Russia’s stand has not been clear on cryptocurrencies but obscure.
Currently, Russia is one of the favorite places for miners after a complete crackdown on mining activities in China. The crypto community is positive regarding the regulation of cryptocurrencies in world economies like Russia, as the ban of cryptocurrencies will further deprive the country of the utilization of blockchain technology. Along with Russia, the Indian government is also working on a comprehensive framework to regulate cryptocurrencies. The Indian government has already proposed a bill in its parliament and is at the verge of making an official announcement on its stand and further course of action on digital currencies.
Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.