Bank of Russia will demand a ban on investing in cryptocurrencies, Bitcoin falls

The Central Bank of Russia wants to ban cryptocurrency investments in Russia because it sees a risk to financial stability from an increase in the number of cryptocurrency transactions, said two financial sources close to the bank.

Following this news, the value of the most valuable currency, Bitcoin, fell from 49,144 dollars to 48,656 dollars, writes Reuters, reports Gazeta Express.

Russia has long opposed cryptocurrencies, saying they could be used for money laundering or terrorist financing. This state finally gave cryptocurrencies legal status last year, but banned their use as a means of payment.

The Central Bank is now in talks with market players and experts about a possible ban. If this measure is approved by the deputies, it may apply to new purchases of crypto-assets, but it to those that have been purchased in the past, said one of the sources, who asked to remain anonymous due to the sensitivity of the issue.

Another source close to the Bank of Russia said that the bank’s current position is a complete rejection of all cryptocurrencies.

The Central Bank has said that the annual amount of cryptocurrency transactions made by the Russians is about $ 5 billion.