Russian Central Bank Seeks Ban on Crypto Investments

Sneh Dokania December 17, 2021

In a next level move to address the skepticism of the Russian central  bank against Bitcoin, Shiba Inu and other digital tokens, not unlike  several other central banks so far, Russia’s central bank is looking toward a complete ban on  future transactions in crypto investments.

According to Reuters, leading cryptocurrency bitcoin fell after this  report to $48,656 from levels around $49,144, on 16 December 2021.

Russian authorities have long been adamant in their stance against  cryptocurrency, in consideration of it being instrumental in  facilitating financial crimes like money laundering on multiple  occasions.

Russia’s current position is a “complete rejection” of all cryptocurrencies, as cited by Coindesk on this issue.

The country has granted cryptocurrencies with a legal status in the past  before, but its use as a currency, or in other words, for payments, is  forbidden still.

The ban would not force current investors to divest their portfolios, but engaging in any future transactions will be prohibited. The country’s central bank has issued new rules for mutual  funds, where funds cannot invest in digital currencies or “financial  instruments, the value of which depends on the prices of digital  currencies.”

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