Russia's Central Bank Wants to Ban the Circulation of Cryptocurrencies
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Feb. 16, 2022

The Russian edition of Forbes has reported that the Bank of Russia, the country's central bank, has once again criticized the Ministry of Finance's concept for regulating the cryptocurrency industry and has proposed to amend the legislation to ban the circulation of cryptocurrencies.

As follows from the letter sent to Finance Minister Anton Siluanov by the head of the central bank, Elvira Nabiullina, the bank has again compared cryptos to a financial pyramid and claims the regulation of the sector would create the necessary conditions for the growth of investments in such assets.

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The Bank of Russia believes that even the limits proposed by the Ministry of Finance for unqualified investors will not help reduce these risks.

According to the central bank, the division of investors into qualified and unqualified does not make much sense in the case of the crypto market, as the price dynamics of cryptocurrencies depends on speculative factors.

If the market is regulated, investors will have an "illusion of state protection," the Bank of Russia has noted.

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