An urgent report, after Pakistan took strong action against crypto by banning it in the country, now the Russian Central Bank is seen to be taking similar steps. Based on the latest report, the Central Bank of Russia is planning to make crypto trading, mining and anything related a thing that is not allowed in the country.
Director of the Department of Financial Stability of the Bank of Russia, Elizaveta Danilova presented a report entitled “Cryptocurrencies: trends, risks, measures”. Based on the report, it is stated that cryptocurrencies are highly volatile and are often used in money laundering and fraud activities. It allows those with no good intentions to withdraw the illicit money out of the national economy.
On that basis the Central Bank proposes that the Russian administration enact new laws and regulations that are generally meant to ban any activity involving crypto in the country.
The report states that a ban on the use of crypto as a transaction medium should be worked out and individuals and companies involved should be punished.
Not only that, the fast -growing cryptocurrency mining in Russia over the past few years is also well documented. Quite a cliché because recently, the Bank of Russia stated that Russia executes more than $ 5 billion in crypto trading in a year.
Amid the development of crypto, Russia is seen to be more inclined to follow in the footsteps of Pakistan and China.
