Russia’s central bank wants to prohibit crypto investments: report

Centrobank is reportedly concerned that growing volumes of crypto trading could present risks to financial stability.

Centrobank is reportedly concerned that growing volumes of crypto trading could present risks to financial stability.

The central bank of Russia (Centrobank) is reportedly seeking to bar the country’s residents from buying Bitcoin and other cryptocurrencies, two anonymous financial market sources revealed to Reuters today.

Per the report, Centrobank is concerned about potential risks to the country’s financial stability that “the rising number of crypto transactions” could present. Currently, cryptocurrencies are somewhat legal in Russia as residents can legally own and trade them—but not use crypto as means of payments.

According to one of Reuters’ sources, Centrobank is currently “in talks with market players and experts about a possible ban.” If approved, it can outlaw new purchases of crypto in Russia—but will not have a retroactive effect on digital assets bought in the past.

Another source told the outlet that Centrobank’s current position was a “complete rejection” of all cryptocurrencies.