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Russia’s central bank wants to ban the use of cryptocurrencies

Russia’s central bank has put forward a proposal to ban the use and mining of cryptocurrencies, according to Reuters.

Russia's central bank wants to ban the use of cryptocurrencies

Russia’s central bank wants to ban the use of cryptocurrencies

The proposal indicates that cryptocurrencies pose a risk to financial stability and the well-being of citizens, as well as a threat to Russia’s sovereignty with regard to monetary policy.

This is not the first time that Russia has come out against the use or commercialization of cryptocurrencies, noting in the past that they could be used for money ‘laundering’ schemes and even to finance terrorism.

In August, Russia accounted for 11.2% of the global “hashrate” – crypto jargon for the amount of computing power being used by computers connected to the bitcoin network.

Active cryptocurrency users, Russians have an annual transaction volume of about $5 billion, the bank said.

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