The CBR responded to criticism of its offer to ban cryptocurrencies

A few days ago, the Russian Central Bank released a report. It assessed the national cryptocurrency market. The Central Bank proposed to offer a ban on the use of cryptocurrencies and mining. The primary argument was the outflow of funds from the Russian economy. Instead of buying securities, Russians are investing in cryptocurrencies. The Representatives of the Russian crypto industry sharply criticized the Central Bank position. They stated that the cryptocurrency transaction volume in Russia is too low to be a threat to the country’s economy. It is about 5 billion dollars a year. This is less than 2% in relation to the funds in foreign currency accounts of legal entities and individuals. To this, the Bank replied that in the future the cryptocurrency transaction volume would grow. In this regard, it is necessary to take measures in advance to limit the likely increase in risks. The ban on mining and the use of cryptocurrencies will not allow the withdrawal of the savings of citizens of the country outside the financial system of the Russian Federation.

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Arseny Kudrin

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