Bank of Russia calls for all-out ban on cryptocurrencies

High volatility and fraud

The Bank of Russia has called for a full ban on cryptocurrencies in the country, citing high volatility and “proliferation of fraud” as key reasons.

The bank noted that the global cryptocurrency market surged over the past year, hitting a market capitalisation of $2.3trn in December 2021. In a statement on Thursday (20 January), Bank of Russia said: "Owing to anonymity in transactions, money substitutes are extensively used for illegal activities." Crypto crime hit record $14bn in 2021 The call to ban crypto in Russia was made in a report presented by the central bank's director of financial stability.   In the report, Cryptocurrencies: Trends, Risks and Regulation, the bank highlighted that despite the traditional involveme...