Russia's Putin out the idea of a Broad Cryptocurrency Ban

[upnorth]

Content source

https://www.theregister.com/2022/01/21/russia_cryptocurrency_ban_consultation_paper/

Russia has floated the prospect of Putin a ban on cryptocurrencies.

The Bank of Russia, the nation's central bank, yesterday published a Consultation Paper [PDF] titled "Cryptocurrencies: Trends, Risks, and Regulation" that ponders the impact of unbacked cryptocurrencies and stablecoins on Russia's economy. The document opens by noting that Russian citizens have not missed the crypto investment boom, and transact an estimated $5 billion a year with the digi-dollars, while the nation has become a major centre for crypto-mining.But the paper doesn't see that as a good thing. It notes that cryptocurrencies are volatile and therefore create risks for investors. The Bank also worries that widespread use of cryptocurrencies reduces governments' ability to operate the levers of their economies.

What to do? The Bank of Russia favours bans. Crypto mining should be stopped, the document says, because it's a wasteful use of resources. The Bank also wants to prohibit the operation of crypto exchanges and the issue of cryptocurrencies on Russian soil. Local financial institutions should be prevented from investing in crypto, too, the paper argues.

Russia's Putin out the idea of a broad cryptocurrency ban

Central bank worries that block-bucks reduce government control and are used by crims

www.theregister.com

 

[Brahman]

Need more leaders to think like him, we need the GPU prices to come back to sane levels.