Reports are emerging that Russia’s stance on crypto has turned negative. The news comes in the wake of a week of FUD stemming from another ‘bitcoin ban’ in China. It is no surprise that central banks do not favor decentralized currencies in a world where they’re racing to launch their own ones.
Russian Central Bank Negative on Crypto
Crypto markets are slowly showing signs of recovering from a six month low when another round of FUD has hit the media. According to local reports from state media, the Russian central bank would support a move to prohibit crypto assets being used for payments.
Reiterating that the Ruble is the only legal tender in the country the bank rehashed the tired old comments regarding money laundering and terrorism financing concerns (translation):
“We continue to believe that cryptocurrencies carry significant risks, including in the field of laundering of proceeds from crime and financing of terrorism, as well as in conducting exchange transactions due to sharp exchange rate fluctuations,”
The Bank of…