It has been suggested by the Central Bank of Russia to put a ban on making trading and mining of crypto. They will allow the users to own but it’s trading will be considered as illegal.
Banning of Crypto
As per the report of press conference, it was said that the trends, risks as well as measures of crypto are risky and illegal. Russia should ban and it’s mining and trading. It is also mention in the report that the various digital currencies such as crypto, bitcoin and others are highly volatile. They are also use in various illegal and incorrect activities. Through offering the outlet of taking the money from the national economy, the risk undermining and making the job of regulator to be tricky.
Regulations
The job of the regulator for maintaining the various monetary policies to be difficult. Hence, the bank of Russia requires regulations and laws. Here, it is not suggest by the bank to own the crypto through private citizens.
Trading and issuance through the financial infrastructure could also pose some risk to the financial stability of country. This is the reason to stop the usage of crypto.
With the existing or the current bank for using the crypto to make payment must be also introduce to sell and buy the goods and services.
Various investors of Russia should also not permit to make investment in assets. Also, no such Russian organization and even the infrastructure must used to perform various cryp transaction. It is now suggest to impose penalty for breaking the ban.
Cryptocurrency mining flourished well in Russia and have also earned approvals from the government. After such disclosure, this also care in fire. Here, the optimal solution is about banning the mining and trading of crypto.
