Russian central bank has demanded reinforcement of the ongoing crypto payment ban and seeks to introduce punishments
In a report published on Thursday, The Central Bank of Russia has called for a blanket ban on domestic cryptocurrency trading and mining.The report titled “Cryptocurrencies: trends, risks, measures” compares cryptocurrencies to a Ponzi scheme and calls for a complete ban on their use throughout Russia. The authors claim that cryptocurrencies are highly volatile in nature and are being used as a tool for illegal activities. The report also warned that crypto could pose a risk to financial sovereignty and could aid people in taking money out of the national economy. The report read:“Potential financial stability risks associated with cryptocurrencies are much higher for emerging markets, including Russia.” The Russian central bank demanded a complete ban on over-the-counter (OTC) trading desks, crypto excha
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