Central Bank of Russia Report Suggests More Crypto Regulation

The Central Bank of Russia wants to ban “crypto trading, mining and usage,” but Russian citizens would still be able to own crypto.

What Happened: On Jan. 20, the Central Bank of Russia released a report during a press conference which the bank's Financial Stability Director Elizaveta Danilova called, "Cryptocurrencies: trends, risks, measures."

The report suggests harsher regulations on crypto-related activities due to their high volatility and risk. According to Danilova, Russians will be allowed to own crypto without trading or using it since the bank doesn’t suggest banning it.

Nonetheless, Russia had a $5 billion transaction volume in a year, according to a report in November 2021. The bank said that it doesn’t want to allow the usage of crypto to risk the country’s financial infrastructure since crypto can be used in criminal activities without leaving a trace.

The regulator said they’re working on a central bank digital currency that will bring the convenience and transaction speed of a cryptocurrency without being a cryptocurrency.

See Also: Best Long-term Cryptocurrency Investments

Binance told Coindesk, "We always welcome dialogue on crypto and blockchain and we hope that the advisory report will initiate discussions between the Central Bank of Russia and representatives of the cryptocurrency market.

"Binance goes above and beyond industry standards to detect these bad actors through proactive measures and collaboration with public and private sector stakeholders."

Photo: Sam Oxyak via Unsplash