The Bank of Russia may ban cryptocurrency investments due to the risks associated with a large number of transactions that could be used for money laundering or terrorist financing, Reuters reported, citing two sources.
According to the agency, the Central Bank of the Russian Federation is talking to market participants and experts about a possible ban on cryptocurrencies as an investment tool. If lawmakers approve the project, which is being developed by the regulator, it could affect all new purchases of crypto assets, except those that have been acquired in the past, said a source who wished to remain anonymous.
Another source close to the Bank of Russia said the Central Bank's current position was to "completely reject" all cryptocurrencies.
In response to Reuters' request for comment, the Central Bank said it was preparing a report outlining its position on the issue and declined to disclose details of the proposed project.
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