The regulator offers many arguments in favor of a complete ban on any transactions with this type of finance for Russians.
The Central Bank of Russia has proposed a total ban in Russia on the issuance, mining and circulation of cryptocurrencies.
At the same time, the authors of the initiative propose to introduce responsibility for violating the ban.
The reason is the risk of threats associated with the spread of this type of money, including a financial bubble that may arise in the local market.
The report published by the Central Bank “Cryptocurrencies: trends, risks, measures” states that private investors risk completely losing their investments by investing them in cryptocurrencies, the rate of which depends on public recognition and the chances of using them in various operations, including those that violate the law.
“The growth of the cryptocurrency market largely reflects the formation of a bubble in the market,” Central Bank analysts said.
The same ban, in their opinion, should be imposed on financial transactions with cryptocurrency for organizations in the sphere, as well as its use in financial instruments, the participation of Russian intermediaries in them and, in general, any participation of the domestic market in such monetary circulation.
As the timeliness of such a decision, the Central Bank recalled that Russia came in third place in terms of the capacities used for mining, their share is 11% of the total global resource. Further growth can disrupt the work of other enterprises, because the number of energy consumed will also increase.
Thus, analysts recalled the Irkutsk region with its almost twofold increase in electricity consumption (1.6 times) against the background of the lowest tariffs for residents.
As a result, last year the number of citizens whose electricity costs increased by 13 times more than the usual size increased by 62%. Judging by the data on their personal accounts, it is these consumers who take 25% of the entire electricity of the region.
In addition, cryptocurrencies are not provided within the country for domestic settlements, which is also a reason for their ban, the Central Bank believes.
Kremlin Spokesman Dmitry Peskov also expressed his opinion on the proposed ban.
He stated that this issue is not the prerogative of the presidential administration, thus referring journalists to the relevant departments that should analyze this issue.
On the eve of the Central Bank’s statement, Bloomberg claimed that the decision of the Bank of Russia was influenced by the arguments of the FSB.
As Topnews wrote earlier, earlier the norms of arrest and confiscation of cryptocurrencies from Russians were announced by the Prosecutor General’s Office of the Russian Federation.