Russia’s Central Bank considers forbidding crypto investments, two financial market sources standing close to the institution told Reuters.
Related: Russian president signed law "On digital financial assets"
As the report informs, the regulator assumes that an increasing number of crypto transactions presents risks to financial stability.In 2020, Russia gave legal status to cryptos but banned their use for payments. The sources said that the CB now discusses the possibility of a ban with market players and specialists. If the law gets accepted it will affect new crypto acquisitions, but not the ones that have been done in the past. Also, the report said that the present approach of Russia's CB is a "full rejection" of all crypto assets.
Reuters said the institution told them it was working on a document to reveal the stance. However, details aren't known yet.
Russian news agency Interfax wrote that Anatoly Aksakov, member of the country’s state duma, mentioned that the authorities have been considering several options, which include ban on ownership and purchase.
Earlier, in November, the CB revealed its plans to issue a report on the crypto market.