British media: Russia's central bank proposes to ban the country's cryptocurrency business

Russia’s central bank proposes to outlaw all cryptocurrency businesses in the country, the Financial Times website reported on Jan. 20. Russia is one of the largest cryptocurrency mining centers in the world.

According to the report, according to the draft proposal, Russia will ban the issuance and operation of all cryptocurrencies, prohibit banks from investing in cryptocurrencies, prohibit the exchange of cryptocurrencies for traditional currencies, and impose legal sanctions on those who use cryptocurrencies to buy goods.

The report noted that in a 36-page report released on the 20th, the Central Bank of Russia said: “The rapid growth and market value of cryptocurrencies mainly depends on speculative demand for future growth, which will create bubbles.”

Russians are still allowed to hold cryptocurrencies abroad, said Elisabeth Danilova, head of Russia’s central bank’s financial stability department, but warned that regulators will track their holdings.