Bank of Russia suggests a wide ban on use, trade and trade in cryptocurrencies before mining regulation
Bank of Russia suggests a wide ban on use, trade and trade in cryptocurrencies before mining regulation
True to your hard attitude towards decentralized digital money, the Central Bank of Russia is now pushing for a far -reaching ban on crypto -related activities such as edition, exchange and mining. A consultation paper published by the regulatory authority names dangers for the financial stability and well -being of citizens as the main reasons for the proposed restrictions.
Russia's central bank gets public opinion on restrictive cryptopolitics
The currency authority of Russia supports a ban on a number of crypto activities in a report entitled "Cryptocurrencies: Trends, Risks, Measures". The document was published on Thursday and the regulatory authority is waiting for comments and suggestions for its content until March 1st. In the paper, the central bank of Russia ( cbr ) honors the rapid growth of the global cryptomarkt last year as well as the annual $ 5 billion in crypto transactions that are made by Russians.
At the same time, the bank points out that the increase in value is mainly determined by the speculative demand that forms a bladder and that cryptocurrencies have the properties of a financial pyramid. Their spread threatens the stability of the Russian financial system, monetary policy sovereignty and the well -being of its citizens.
In order to reduce these threats and the risk of illegal activities, the Bank of Russia intends to work together with the Russian government and the Russian Parliament in a number of proposed changes in the law in the coming months. This includes the introduction of Legal liability for goods and services.
The authority often has cryptocurrencies such as Bitcoin and StableCoins as " Monetary Surrogate ", which are prohibited according to applicable Russian law. She now wants to ban her edition and distribution in the Russian economy, also about the exchange of digital assets and peer-to-peer platforms.
The central bank also has counter Kryptoinvestitions and intends to prohibit financial organizations to invest in cryptocurrencies and crypto -based financial instruments. It insists that the Russian financial infrastructure and mediator should not be used to facilitate cryptocurrency surgery.
mining cannot be ignored either, says the Bank of Russia, as it increases the participation of the population and the economy in the cryptom market. The regulatory authority assumes that the current extent and the further spread of the activity will bring considerable risks to the environment and energy supply. The ban is the best solution, says the CBR.
In the middle of Chinas razzia In industry Mining hotspot developed. The shaping of digital currencies is not only a profitable business, but also an additional source of income for many households that have access to subsidized electricity. Authorities in some regions complain about increasing energy consumption that contains the power grids.
The Bank of Russia plans to improve their surveillance of cryptooperations. It intends to work closer together with financial supervisory authorities in other jurisdiction as part of these efforts, in particular to collect information about transactions carried out by Russian citizens. However, the bank's proposal does not provide for any restrictions on the possession of cryptocurrency outside of Russia, as the head of the Central Bank department, Elizaveta Danilova, stated.
Before she presented her opinion on the cryptor regulations in this report, the Central Bank of Russia explained in the past month that it saw this No place for cryptocurrencies on the country's financial market. According to media reports, other Russian government institutions do not share its conservative position. A Working group that is now prepared by the State Duma, the lower house of the Russian parliamentary Suggestions for comprehensive regulating the Russian crypta area.
Do you expect the Russian government to support the Bank of Russia's proposal to restrict crypto activities? Tell us in the comment area below.
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