Russian central bank calls for a ban on Bitcoin

For the past two years, the Russian Federation has been trying to cope with the new regulatory tasks arising from crypto assets like Bitcoin. Recent comments from a senior employee of the Russian central bank point to a restrictive course by the government.

According to an interview conducted by Alexey Guznov, head of the central bank’s legal department with the news agency Interfax, progress has been made in crypto regulation in Russia. Accordingly, the “Bill on digital financial investments” is about to be adopted. Russian Bitcoin fans are likely to find Guznov’s latest statements bad. Because contrary to a previously liberal direction, the draft now takes on significantly more restrictive features.

 

General ban on cryptocurrency wanted

In the interview, the central bank employee even introduced a general ban on cryptocurrencies such as Bitcoin. One was “against allowing institutions to circulate cryptocurrencies and organize their production (mining)”, the interview said. The reason for this are insurmountable problems for financial stability and consumer protection:

“We believe that legalizing cryptocurrencies poses great risks. Both from the point of view of financial stability and to combat money laundering and from the point of view of consumer protection.” -Alexey Guznov