New Delhi, Considering cryptocurrency trading and mining in Russia as a hostile regulatory risk, the country\u2019s central bank on Friday announced a blanket ban on cryptocurrencies calling them \u201cvolatile and widely used in illegal activities\u201d and a threat to the financial stability of the country along with citizens\u2019 wellbeing and the sovereignty of its monetary policy.<\/p>\n
According to the report named \u2018Cryptocurrencies: trends, risks, measures,\u2019 the cryptocurrencies \u201coffer an outlet for people to take their money out of the national economy, thereby undermining it and making the regulators job of maintaining optimal monetary policies harder.\u201d<\/p>\n
Earlier, the Central Bank of Russia announced its plan to collect information from commercial banks concerning certain private money transfers, including details of clients who are involved in crypto trading both in the country and abroad.<\/p>\n
Although the country granted legal status to cryptos in 2020, Russia has rejected accepting cryptocurrencies as a mode of payment in exchange for goods and services. Moreover, as per the latest report, people disobeying this norm will be handed over additional penalties.<\/p>\n
The Central Bank of Russia is in talks to introduce its own digital currency (CBDC) or the digital ruble. The country believes that this is the future of banking in the country, considering the citizens\u2019 need for quick, efficient and cheap payment options.<\/p>\n
The country also aims to get rid of its financial infrastructure of cryptocurrency. The latest report also stated that apart from the continuing ban on Russian mutual funds with regards to investing in cryptocurrency, the country\u2019s institutional investors should not invest in crypto, and also the country\u2019s financial organisations should hold crypto as a part of their asset. Penalties have been registered for those flouting these rules.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Delhi, Considering cryptocurrency trading and mining in Russia as a hostile regulatory risk, the country\u2019s central bank on Friday announced a blanket ban on cryptocurrencies calling them \u201cvolatile and widely used in illegal activities\u201d and a threat to the financial stability of the country along with citizens\u2019 wellbeing and the sovereignty of its monetary […]<\/p>\n","protected":false},"author":1,"featured_media":8420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"post-8419","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"_links":{"self":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/8419","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8419"}],"version-history":[{"count":2,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/8419\/revisions"}],"predecessor-version":[{"id":8422,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/8419\/revisions\/8422"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/media\/8420"}],"wp:attachment":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}