The Russian central bank is looking to ban cryptocurrency investments in the country, according to a Reuters report.
- The central bank is in discussions with market players regarding a possible ban. If approved by lawmakers, the ban would only apply to new purchases of crypto assets not to past purchases, the report added.
- Russia has been vocal in its stance against against cryptocurrencies, stating that the asset can be used for money laundering or finance terrorism.
- Bank of Russia’s current position is a “complete rejection” of all cryptocurrencies, the report says citing a source close to the bank.
- The central bank issued new rules for the country’s mutual funds in a directive published on Monday.
- This latest change means funds cannot invest in digital currencies or in “financial instruments, the value of which depends on the prices of digital currencies.”
- Bank of Russia is working on a ruble-backed central bank digital currency (CBDC).
- The Russian regulator planned to launch a CBDC pilot program in December, but the deadline has recently been moved to “early 2022″ which is when the digital ruble will be in a pilot program before making a decision if it should be launched in production.
Read more: Bank of Russia Bars Mutual Funds From Investing in Crypto