As per a report by RIA Novosti, the news and information agency, the bank stated, “private cryptocurrencies cannot be equated with fiat money and cannot be legal tender.” The Bank Of Russia Would Support A Cryptocurrency Ban.

The central bank said: 

“If it is decided to ban cryptocurrencies as a means of payment at the legislative level, we consider it appropriate to support this position.”

Law revealing cryptocurrency, their token sales and mining’s legal status was supposed to be passed in the summer of 2019, but has been delayed. The bills concerning crowdfunding and digital access were passed in the previous year.

The bank showed its support for the potential ban and said: 

“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.”

Elvira Nabiullina, the bank’s chairwoman, said the central bank does not have any specific reason to introduce a cryptocurrency preventing the possible threats.

Nabiullina had compared crypto-based investments with gambling and spoke about their potential risks. She stated: “There is a worldly wisdom that free cheese is only in a mousetrap: easily earned money quickly leaves.”

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