Russia's central bank calls for a total ban on cryptocurrency investments

The Central Bank of Russia has always been skeptical of the digital advantages Bitcoin represents, and now the financial regulator is looking to tighten controls and restrict cryptocurrency investments in Russia. This restriction prevents future transactions, but does not force current holders to sell their assets.

Russian authorities have long believed that cryptocurrencies can be used for financial transactions and financial businesses. A source told Reuters that the bank's current position is to "wipe out" all cryptocurrencies. (However, it is developing its own digital currency that supports the ruble, and it is known that in 2019 it will invest in cryptocurrency to limit the impact of the sanctions associated with the 2016 U.S. elections.)

However, domestic banks are allowed to legalize digital benefits in 2020. However, its use as a payment method is limited. In view of the larger ban, the central bank earlier this week announced new rules for Russian mutual funds, where funds cannot invest in cryptocurrencies or cryptocurrencies, whose value depends on the value of digital assets.

Cryptocurrency trading in Russia is an attractive market. About $ 5 billion in the cryptocurrency market occurs every year. It is estimated that nearly 12% of the population already owns cryptocurrencies (just over 8% of the US population).