The Bank of Russia is proposing a ban on the issuance, extraction and use of cryptocurrencies in Russia. This is stated in the report of the regulator "Cryptocurrencies: trends, risks, measures", reports TASS.
"The status of the Russian ruble, which is not a reserve currency, makes it impossible to take a soft approach in Russia and ignore the growing risks. In our opinion, the additional measures are appropriate, "the document reads.
So, "in order to reduce the threats posed by the spread of cryptocurrencies," the Bank of Russia proposes to introduce a number of changes in legislation.
"Introduce a ban on organizing the issuance and (or) issuance, organizing the circulation of cryptocurrencies (including through cryptocurrencies, cryptocurrencies, P2P platforms) on the territory of the Russian Federation and establishing liability for violating this ban," the document reads. .
It is also proposed to establish liability for violating the legal ban on the use of cryptocurrencies as a means of payment for goods, works and services sold and purchased by legal entities and individuals - residents of the Russian Federation.
"Introduce a ban on investments by financial institutions in cryptocurrencies and related financial instruments, as well as on the use of Russian financial intermediaries and Russian financial infrastructure to conduct cryptocurrency transactions and establish liability for violating this ban," the Bank of Russia said. report.
The regulator also considers the introduction of a ban on cryptocurrency mining in Russia to be the best solution.
According to the report, the Bank of Russia believes that the current scale and further spread of cryptocurrency mining in Russia poses significant risks to the economy and financial stability: it creates unproductive electricity consumption, threatening the energy supply of residential buildings, social infrastructure buildings and enterprises, as well as the implementation of the environmental program of the Russian Federation; generates demand for infrastructure for cryptocurrency transactions, which exacerbates the negative effects of cryptocurrency proliferation and creates incentives to circumvent regulation.
The negative impact of extraction on neighboring markets and the environment is noted, as well as the fact that the tendency to increase Russia's share in total production may increase the country's carbon footprint and hinder the achievement of sustainable development goals. .
"We believe that in view of the significant negative effects it has on the energy, environment and industrial sectors, it is advisable to implement a set of measures to limit them," the report said.
"The Bank of Russia plans to improve the system for regular monitoring of cryptocurrency transactions, including working with financial regulators of countries with registered cryptocurrencies to obtain information on Russian clients' transactions in foreign cryptocurrency markets," the statement said. in the report.
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