Bank of Russia Proposes Wide Ban on Cryptocurrency Use, Trade, Mining
True to its hardline stance on decentralized digital money, the Central Bank of Russia is now pushing for a wide-ranging ban on crypto-related activities such as issuance, exchange, and mining. A consultation paper published by the regulator cites threats to financial stability and citizens’ wellbeing among the main reasons for the proposed restrictions. Russia’s Central Bank Seeks Public Opinion on Restrictive Crypto Policy The monetary authority of Russia is advocating a ban on an array of crypto activities in a report titled “Cryptocurrencies: Trends,....
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Russia can legalize cryptocurrency mining and stablecoins backed by gold under government control, a high-ranking member of the Russian parliament has suggested. The statement comes after Bank of Russia proposed a wide-ranging ban on the use of cryptocurrencies, and their trading and mining. Mining and Some Stablecoins Can Be Legalized in Russia, Duma Deputy Insists The free circulation of cryptocurrencies must not be allowed as they carry risks for unqualified investors, but Russia may permit the use of gold-backed stablecoins and the mining of cryptocurrencies under government control,....
The Central Bank of Russia would agree to the legalization of cryptocurrency mining, provided the proceeds from the activity are converted to fiat outside of Russia. The regulator’s latest position on the matter comes after it softened its stance on the possible use of cryptocurrencies for payments, even if only internationally.
Central Bank of Russia to Accept Legalization of Cryptocurrency Mining
The monetary authority in Moscow is now ready to back the legalization of crypto mining under the condition that Russian miners are obliged to sell the coins they obtain in....
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....
Russia’s Ministry of Finance has drafted a bill with harsh penalties for anyone who does not report their cryptocurrency holdings above a certain level. Penalties include jail terms and fines. New Russian Crypto Bill The Russian Ministry of Finance has sent out a new draft bill addressing the circulation of cryptocurrency in Russia to interested government departments, local news outlet Kommersant reported this week. The bill contains amendments to the Russian Criminal Code, the Criminal Procedure Code, the Administrative Code, the Tax Code, and the law on combating money laundering,....
The governor of Hungary’s central bank has called for a ban on cryptocurrency trading and mining in the European Union. “It is clear-cut that cryptocurrencies could service illegal activities and tend to build up financial pyramids,” he said. Hungarian Central Bank Chief Wants EU-Wide Crypto Trading and Mining Ban The Hungarian National Bank, the central bank of Hungary, published a statement Friday from György Matolcsy, the governor of the central bank, declaring that the “Time has come to ban crypto trading and mining in the EU.” He noted that....