Bank of Russia offers introduce liability for Russians and Russian legal entities for the use of cryptocurrency for payments.
The Central Bank wants to ban any operations with cryptocurrencies on the infrastructure of the Russian financial market. In particular, to ban the issuance, organization of circulation and exchange of crypto-currencies in Russia, prohibit banks from investing their money in crypto-currencies, prohibit mining of crypto-currencies in Russia, block transactions for the sale and purchase of crypto-currency for real money and introduce liability for Russians and Russian legal entities for purchases in cryptocurrency.
Earlier today Bloomberg wrotethat the FSB convinced the chairman of the Central Bank of Russia, Elvira Nabiullina, to support a complete ban on operations with cryptocurrencies in Russia in order to deprive “undesirable organizations” and media “foreign agents” of access to funding.
As the article says, hard-to-trace payments in cryptocurrencies are increasingly being used by Russians to donate to “undesirable organizations.”
Bloomberg estimates the total amount of cryptocurrencies held by Russians at 7 trillion rubles, or $92 billion, and notes that “opposition and media funding is a tiny fraction of the assets held in Russia’s roughly 17 million crypto wallets.”
RBC recalls that in December 2021, Nabiullina opposed the use of Russian financial infrastructure for transactions with cryptocurrencies. “Cryptocurrencies carry great risks for retail investors due to high volatility and use in illegal activities, so we cannot welcome investments in this kind of assets,” she said.