The Bank of Russia released the report “Cryptocurrencies: trends, risks, and measures” on Thursday, January, 20th. The report categorized cryptocurrencies as highly volatile and cited their wide use in illegal activities. The bank supported the existing ban on cryptocurrencies and stated a punishment should be instituted for buying or selling goods, services, and labor with digital currencies. Russia has experienced a surge in cryptocurrency activity over the past few years. Mining was approved in 2021.
Bank of Russia Calls for Full Ban on Crypto