Скачать или смотреть Russia's Central Bank Has Called For A Ban On Crypto

Russia needs new laws for a comprehensive ban on crypto and crypto-related activities within its borders, the Bank of Russia stated in a report published Jan. 20.

The recommendation is the latest in a global cryptocurrency crackdown from China and other Asian nations to the United States, as governments fear instability and loss of financial control caused by the emerging private monetary system.

The report, Cryptocurrency Risks and Possible Regulatory Measures, was presented by the bank’s director of financial stability, Elizaveta Danilova, in a webcast.

The bank described cryptocurrency as a pyramid scheme and warned that it is destabilizing because its growth is driven primarily by speculation.

Russia is the third largest Bitcoin miner by average monthly hashrate share — 11% — after the U.S. (35%) and Kazakhstan (18%), according to a Cambridge University index.

The country banned the use of crypto for payments in 2020.

Despite the report, Bitcoin rose almost 3% in the three hours following the webcast. Overall, the cryptocurrency is down 37% from its all-time high two months ago. The global cryptocurrency market is up almost 2% in the last 24 hours, according to Coingecko.

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