{"id":396761,"date":"2022-01-20T20:50:23","date_gmt":"2022-01-20T17:50:23","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/russias-central-bank-calls-for-crypto-crackdown\/"},"modified":"2022-01-20T20:50:23","modified_gmt":"2022-01-20T17:50:23","slug":"russias-central-bank-calls-for-crypto-crackdown","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/russias-central-bank-calls-for-crypto-crackdown\/","title":{"rendered":"#Russia’s central bank calls for crypto crackdown"},"content":{"rendered":"

“#Russia’s central bank calls for crypto crackdown<\/strong>”<\/p>\n

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\n \"Russia
\n Russia is one of the world’s largest crypto-mining nations, but the activity could soon be banned.
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The Russian central bank proposed Thursday cracking down on cryptocurrencies, a move which if adopted could disrupt the burgeoning virtual money sector as Russia is one of the largest crypto-mining nations in the world.<\/p>\n

Russian authorities have for years criticised cryptocurrencies over fears they can be used for illegal activities and have called for regulation.<\/p>\n

Authorities granted cryptocurrencies legal status in 2020, but their use in payments was never authorised. <\/p>\n

The Bank of Russia called Thursday for reinforcing the ban on cryptocurrency payments, banning crypto-mining, and tightening laws on trading virtual money.<\/p>\n

“The use of cryptocurrencies creates significant threats to the well-being of Russian citizens and the stability of the financial system,” a report published by the central bank said.<\/p>\n

It added that the swift growth of cryptocurrencies is driven by “speculative demand” that leads to the forming of a “bubble”.<\/p>\n

The report added that cryptos resemble financial “pyramid schemes” because their value increases with the emergence of new players on the market.<\/p>\n

It estimated the annual transaction volume of Russian citizens at $5 billion. <\/p>\n

Bloomberg earlier cited sources as saying that Russia’s domestic security agency, the FSB, had lobbied central bank head Elvira Nabiulina for a ban.<\/p>\n

The FSB cited concerns over Russians frequently using the hard-to-trace transactions to support “undesirable organisations”, such as opposition groups.\n <\/p>\n\n

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China’s central bank rules all crypto transactions are illegal\n <\/p><\/div>\n

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\n \u00a9 2022 AFP<\/p>\n

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Citation<\/strong>:
\n Russia’s central bank calls for crypto crackdown (2022, January 20)
\n retrieved 20 January 2022
\n from https:\/\/techxplore.com\/news<\/a>\/2022-01-russia-central-bank-crypto-crackdown.html<\/p>\n

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