The Bank of Russia intends to ban investments in cryptocurrencies

Reuters learned from dependable sources about the purpose of the Russian Bank to interdict investing in cryptocurrencies. The regulator is currently operating on a relevant bill. New regulations are discussed with trading participants, as well as with experts in this domain. According to the accessible information, the law banning investment in cryptocurrencies will only apply to new purchases. According to one source, the Russian central bank is strongly opposed to cryptocurrencies as they endanger financial stability. The Bank of Russia intends to substantiate its stance and for this is preparing the relevant reporting data. In July this year, the Central Bank conducted a survey among large banking institutions in the country. Its results allowed us to estimate the approximate amount of transactions of Russians with electronic currencies. For a year, it is about $5 billion, or 350 billion rubles. The Central Bank also said that the Russian Federation is on the list of world leaders in terms of the number of users who often visit digital exchanges.


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Arseny Kudrin

Publicist, trader

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