Russia wants to ban cryptocurrency investments

The central bank of Russia (CBR) wants to ban investment in cryptocurrency, according to a report in which Reuters cites sources familiar with the matter.

According to the report, investors will be banned from making new purchases, but the ban does not apply to existing crypto holdings.

The annual volume of transactions with Russian cryptocurrency is about $ 5 billion. According to the first deputy chairman of the Central Bank, Ksenia Yudaeva, his growing popularity raises concerns about risks to financial stability.

Citing China’s experience, Yudaeva said Russia needed stricter crypto regulation.

Earlier this month, the Central Bank of Russia banned mutual funds from investing in bitcoins and other cryptocurrencies.

In July, the Central Bank of Russia asked exchanges to restrict the listing of foreign and domestic crypto-oriented companies due to high volatility, insufficient liquidity and regulatory risks.

Meanwhile, testing of the digital ruble, the digital currency of the Central Bank of Russia, is slated to begin next year.