Russia Proposes To Ban The Use And Mining Of Cryptocurrencies

Russia proposes to ban the use and mining of cryptocurrencies.

Russia’s central bank on Thursday proposed a ban on the use and mining of cryptocurrencies in Russian territory, citing threats to financial stability, citizens’ well-being, and its monetary policy sovereignty.

The move is new in a global cryptocurrency crackdown as governments from Asia to the US worry that privately operated and highly volatile digital currencies could undermine their control of financial and monetary systems.

Russia has argued against cryptocurrencies because they can be used for money laundering or terrorism financing.

Although it was granted legal status in 2020, its use as a means of payment was banned.

In a report published on Thursday, the central bank said that speculative demand has largely determined the rapid growth of cryptocurrency.

The bank proposed preventing financial institutions from conducting any operations with cryptocurrencies.

The bank said mechanisms should be developed to block transactions aimed at buying or selling cryptocurrencies for fiat currencies.

Russia proposes to ban: The proposed ban covers crypto exchanges.

The cryptocurrency exchange told, media that it is committed to working with regulators and expects the release of the report to lead to talks with the central bank to protect the interests of Russian crypto users.

The bank said that the active cryptocurrency users, Russians, have an annual transaction volume of about $5 billion.

US and India will trade 500 billion dollars, USIBC has set a target.

Atul Keshap, the new President of the US-India Business Council (USIBC), has said that the US and India, have made significant progress in their relationship.

Both will have to set big targets to take them to a new level and achieve the ambitious target of $ 500 billion in bilateral trade.

“It is necessary to show that the US and India can be drivers of global growth, models of prosperity and growth in the 21st century,” Keshap said in a media interview.