Bank of Russia seeks to outlaw mining and trading of crypto

The central bank of Russia, the third-biggest crypto mining nation in the world, proposed a blanket ban on the use and creation of all cryptocurrencies domestically.

Racks of mining rigs are seen at the Minto cryptocurrency mining center in Nadvoitsy, Russia, on Dec. 17, 2021. Foto: Bloomberg photo by Andrey Rudakov

Cryptocurrencies bear the hallmarks of a pyramid scheme and undermine the sovereignty of monetary policy, posing a threat to the Russian financial system, the central bank said in a report published Thursday.

"Potential financial stability risks associated with cryptocurrencies are much higher for emerging markets, including in Russia," the report said. "This is due to the traditionally higher propensity for saving in foreign currency and an insufficient level of financial literacy."..

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