Russia proposes ban on use and mining of cryptocurrencies, points to steps taken in China

  • The central bank of Russia, the third-largest bitcoin mining market, cited risks to financial stability as a reason to ban cryptocurrencies
  • It pointed to measures taken in other countries like China, where all cryptocurrency transactions and mining activity are banned

Representations of virtual cryptocurrencies seen in this illustration taken November 28, 2021. Photo: Reuters

Russia’s central bank on Thursday proposed banning the use and mining of cryptocurrencies on Russian territory, citing threats to financial stability, citizens’ well-being and its monetary policy sovereignty.

The move is the latest in a global cryptocurrency crackdown as governments from Asia to the United States worry that privately operated and highly volatile digital currencies could undermine their control of financial and monetary systems.

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