Russia's Federal Security Service Agrees with Central Bank to Ban Cryptocurrency Transactions
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Jan. 20, 2022

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, Bloomberg has reported citing two people familiar with the matter.

According to RBC, 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.

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According to Bloomberg estimates, the total volume of crypto assets held by Russian citizens amounts to $92 billion. Bloomberg has also emphasized the funding of opposition and foreign agents is a negligible part of the total volume of crypto assets in the hands of Russians.

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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