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Russian Central Bank Seeks Ban on Crypto Investment: Report
The central bank is looking at a complete ban on future crypto investments in the country.
The Russian central bank is looking to ban cryptocurrency investments in the country, according to a Reuters report.
- The central bank is in discussions with market players regarding a possible ban. If approved by lawmakers, the ban would only apply to new purchases of crypto assets not to past purchases, the report added.
- Russia has been vocal in its stance against against cryptocurrencies, stating that the asset can be used for money laundering or to finance terrorism.
- Bank of Russia’s current position is a “complete rejection” of all cryptocurrencies, the report says, citing a source close to the bank.
- The central bank issued new rules for the country’s mutual funds in a directive published on Monday.
- This latest change means funds cannot invest in digital currencies or in “financial instruments, the value of which depends on the prices of digital currencies.”
- Bank of Russia is working on a ruble-backed central bank digital currency (CBDC).
- The Russian regulator planned to launch a central bank digital currency (CBDC) pilot program in December, but the deadline has recently been moved to “early 2022″ which is when the digital ruble will be in a pilot program before making a decision if it should be launched in production.
STORY CONTINUES BELOW
Read more: Bank of Russia Bars Mutual Funds From Investing in Crypto
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
