Russia's central bank takes aim at cryptocurrency, pushes for ban

Russia's central bank has released a new report advocating for a widespread blanket ban on cryptocurrency trading and mining.

Published Fri, Jan 21 2022 1:33 AM CST   |   Updated Thu, Feb 17 2022 9:18 AM CST

A new report released by the Bank of Russia indicates that the central bank is advocating for a blanket ban on cryptocurrency trading and mining.

Russia's central bank takes aim at cryptocurrency, pushes for ban 01 |

Russia's central bank argues that cryptocurrency investments is a danger to the financial system that millions of Russian's use. Additionally, the report goes on to push that financial institutions and commercial banks should sever themselves from cryptocurrency and be prevented from allowing transfers of fiat into cryptocurrency.

The Bank of Russia didn't stop at cryptocurrency trading and investing, it also took aim at cryptocurrency mining, stating that it should be prohibited. The report cites energy concerns for cryptocurrency mining, and currency Russia is the third-largest country for cryptocurrency mining when it comes to global hash rate distribution. At the moment, cryptocurrency remains legal in Russia, but it seems that the Bank of Russia won't stop pushing until its banned.

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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