Russia proposes ban on use and mining of crypto assets



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Russia proposes ban on use and mining of crypto assets

On Thursday, the Russ Central Bank had proposed a ban on use and mining of crypto assets in Russian territory adding that the digital asset, which has been facing off a flurry of criticisms from Central Bank Governors across the globe, could potentially pose a threat to the former G8 (Group of Eight) nation’s financial stability and sovereignty of its monetary policy.

Surprisingly, the Central Bank of Russia also had cited that a growing use of crypto assets could have harmed the nation’s citizens’ well-being. On top of that, latest move from the Russian Central Bank came forth just a day after BoE (Bank of England) had curbed crypto trading activities, while the move had largely echoed a last year’s decision from Beijing to ramp up a crackdown on mining and trading of crypto assets.

Aside from that, the Russ Central Bank had proposed a ban on crypto exchanges despite growing beliefs among analysts that a wider impact of crypto assets could be contemplated as negligible for now.

Russ Central Bank proposes ban on Crypto trading and mining

If truth is to be spoken, despite the far-west’s unjustified marketing on Kremlin’s role to nurture an army of hackers who could have spurred up the use of crypto assets, Russia had long been protesting against the use of cryptocurrencies while nullifying allegations.

Nevertheless, in a report published on Thursday, the Russ Central Bank had been quoted saying that an increase in speculative bets on crypto assets had been gearing up its demands, which in effect could spur up a potential ripple effect on money markets across the globe, eventually posing a greater extent of threat to financial stability.