Russia Mulls Crypto Ban: Report

Russia Mulls Crypto Ban: Report

Russia's central bank is seeking to impose a ban on cryptocurrency investing, according to a Reuters report that cites sources familiar with the matter.Investors will be prohibited from making new purchases, but the ban won’t extend to existing crypto holdings, as per the report. Earlier this month, the Bank of Russia banned mutual funds from investing in Bitcoin and other cryptocurrencies.In July, the central bank asked stock exchanges to refrain from listing both foreign and domestic cryptocurrency-oriented companies due to high volatility, insufficient liquidity and regulatory risks.A source cited by Reuters claims that Russia’s central bank uncompromisingly rejects cryptocurrencies.Meanwhile, the trial of the digital ruble, Russia’s central bank digital currency, is expected to kick off next year.

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