Russia proposed a full ban on cryptocurrencies

Russia has proposed a full ban on Bitcoin and other coins as well as mining.

The country’s Central Bank proposed that the trading, mining, and use of digital assets like Bitcoin, Ethereum, and others must come to a stop immediately.

The Russian government along with the Bank of Russia suggested this regulatory measure in a press conference.

This move comes as risks of financial instability and rising illegal activities pose a threat to the country, according to reports.

Notably, reports say that crypto apparently posed a serious threat to the sovereignty of Russia’s monetary policy. Not to mention that Russia stands third in terms of bitcoin mining after the US and Kazakhstan.

For instance, the idea of the ban on digital assets comes after the Central Bank of Russia displayed interest in securing data from commercial banks in respect to private money transfers.

Additionally, the statement also specified that the data collected will comprise details of individuals who have previously traded in crypto, not only within the country as well as overseas.

Another major reason that led to this idea of ban was the rising dynamic and volatile nature of crypto along with illegal activities funded by the digital asset.

Following this, crypto analysts and experts said the bank’s idea of new laws and regulation could help ban the digital asset in Russia.

Previously Russia also expressed its concerns around digital assets as they think that crypto could be used for money laundering and even financing terrorism.