Bank of Russia Proposes to Ban the Use and Mining of Cryptocurrencies
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Jan. 20, 2022

The Bank of Russia, the country's central bank, has proposed to ban the mining, issuance, circulation and exchange of cryptocurrencies in the country, Reuters has reported.

The relevant proposals have been included in the regulator's report for public consultations.

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It has recently become known that the FSB, Russia's Federal Security Service, has convinced the head of the Bank of Russia, Elvira Nabiullina, to support a total ban on cryptocurrency trading in the country. According to sources, the FSB insists on imposing a total ban on cryptocurrencies with of undesirable organizations and media included in the register of foreign agents receiving donations.

In December it was reported the Bank of Russia has plans to ban Russians from investing in cryptos due to the risk of financial instability.

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