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

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 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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