Cryptocurrency may be banned in Russia

The day before, it became known about the intentions of the Central Bank to introduce a ban on investing in cryptocurrency.  The situation occurred due to the regulator's concerns about financial stability due to the growth of cryptocurrency transactions.

Last year, Russia granted cryptocurrency a legal status, but left a ban on payments in it.

At the moment, the Central Bank of the Russian Federation is considering the possibility of a ban on investing in cryptocurrency, consulting with various experts.

If the proposed legal development is approved, the rule will affect new transactions and will not affect those that have already taken place, reports Reuters.

It is known that at the moment, the Central Bank of the Russian Federation is working on the preparation of a report, which is supposed to fix the position on this issue.

It should be noted that the popularity of cryptocurrencies in Russia is growing, and the annual volume of transactions with them reaches $ 5 billion.

This situation raises concerns of the regulator in the light of possible risks to financial stability. First Deputy Chairman of the Central Bank of the Russian Federation Ksenia Yudaeva expressed the opinion that interaction with cryptocurrency contributes to a decrease in the effectiveness of monetary policy. According to her, Russia needs further adjustment of the cryptocurrency regulation procedure.