Russia’s central bank has proposed outlawing all cryptocurrency operations in the country, one of the world’s biggest centres for mining digital tokens.
Under the draft proposals, Russia would ban all cryptocurrency issuance and operations, stop banks from investing in cryptocurrencies, block exchanging crypto for traditional currency, and introduce legal liability for using crypto in purchases.
In a 36-page report published on Thursday, the central bank said: “The breakneck growth and market value of cryptocurrency is defined primarily by speculative demand for future growth, which creates bubbles.”
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