u.today
According to CoinDesk, in the report issued today, on January 20, the Central Bank of Russia has suggested that mining, trading and usage of digital currencies should be marked as illegal.
Calling for a complete crypto ban
The document insists that cryptocurrencies are extremely volatile and are frequently used in criminal activities, including fraud and tax evasion. Therefore, usage of cryptocurrencies poses risks to the national economy by taking “real” money from it and into crypto. Besides, cryptocurrencies are hard to monitor and regulators will have a hell of a time maintaining monetary policies over them.
Particularly, report mentions that issuance of crypto (mining) and its circulation must be banned, as well as cryptocurrency trading on exchanges, OTC desks and P2P platforms.
Besides, no financial institutions should be allowed to invest their money in crypto assets.
Clearing space for digital ruble?
Still, Russia does not seem to give up on its plans to start trialling digital ruble this year, as reported by U.Today earlier. And the current any-crypto policy seems quite similar to the total Chinese crypto ban imposed last year on mining and trading, while national trials of its own CBDC - the digital yuan (DCEP) - are already underway.