Russia’s Central Bank Says It Would Support a Cryptocurrency Ban

/latest/2019/12/russia-s-central-bank-says-it-would-support-a-cryptocurrency-ban/

Russia’s Central Bank Says It Would Support a Cryptocurrency Ban

russia-s-central-bank-says-it-would-support-a-cryptocurrency-ban

The Bank of Russia, Russia’s central bank, has shown support for a potential ban on cryptocurrencies as it considers them too risky for investors.

According to state-run news agency RIA, the financial institution revealed it believes “private cryptocurrencies cannot be equated with fiat money and cannot be legal tender.” The Bank of Russia reportedly added:

If it is decided to ban cryptocurrencies as a means of payment at the legislative level, we consider it appropriate to support this position.

The central bank’s representative justified its support for a potential cryptocurrency ban, adding that it believes “cryptocurrencies carry significant risks” related to money laundering and terrorism financing, as well as in “conducting exchange transactions due to sharp exchange rate fluctuations.”