Russia’s Central Bank is Calling for a Sweeping Ban on Crypto Activity

The central bank of Russia is looking forward to a sweeping ban on cryptocurrency activity from mining to trading. According to a recently released report, the potential financial stability risk associated with cryptocurrencies are much higher for emerging markets. 

The report also said that crypto mining jeopardizes the green agenda of Russia. Russia is currently the third biggest crypto mining country in the world. The report also mentioned how the activity endangers the country’s financial stability in many ways. According to the central bank, crypto mining creates unproductive consumption of electric power that could be a threat to the power supply of residents and businesses.

The transactions related to crypto have reached $5 billion per year with the largest miners in the country being from the northern region of the country. The Federal Security Services in the country has already advocated for a blanket ban on crypto mining because of the intractability of payments made through crypto. These types of transactions are regularly used by the Russians to make political donations.