Central Bank Reportedly Bans Investment In Cryptocurrencies, Report Says

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Flipmemes has gathered that a central bank in Russia are working on prohibiting cryptocurrency investment to tame financial stability risks that arises from an increase in crypto transactions.

The Bank of Russia is talking with market players and experts about the possible ban, the report said, citing two unnamed financial market sources close to the central bank.

A source had suggested that the ban may apply to new purchases of crypto assets but not prior transactions.

Another source close to the central bank said its current position is a “complete rejection” of all Cryptocurrencies.

Russia for years has spoken against cryptocurrencies, saying the digital assets could be used to launder money or finance terrorism.

The country in 2020 gave them legal status but banned them from being used as a means of payment, the report said.

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