The Central Bank of Russia wants to ban cryptocurrencies in the country, Reuters has reported, citing sources close to the regulator.
The regulator reportedly sees the rise in the number of crypto transactions as a risk to the country’s financial stability.
Digital assets have legal status in Russia but they cannot be used as a means of payment, as the government believes they could be used in money laundering or to finance terrorism.
According to Reuters, the central bank is now discussing a possible ban with market players and experts. If approved, the measure could apply to new purchases of crypto assets but not to existing portfolios.
The current position of the Central Bank of Russia is reportedly a “complete rejection” of all cryptocurrencies.
Reuters reports that when it approached the bank for comment, it said it was preparing an advisory report to voice its position on the issue.