Russian Central Bank Targets Crypto Mining This Time

Recently, the Central Bank of Russia proposed a ban on cryptocurrency transactions. Authorized state institutions, including Russian President Vladimir Putin, said that regulation rather than ban would be more correct. Now, the Central Bank of Russia has proposed a ban on crypto mining in the country.

In a recent report, the Central Bank of Russia said that crypto has the hallmarks of a pyramid scheme and undermines the dominance of monetary policy. In addition, the bank said that mining harms the country's "green" goal and jeopardizes its energy supply, and mentioned that mining should be banned.

According to Bloomberg, the report included the following words:

“Potential financial stability risks associated with cryptocurrencies are much higher for emerging markets, including Russia”

By the way, paying with crypto is already prohibited in Russia. The central bank also banned mutual funds from investing in cryptocurrencies in December.

Elizaveta Danilova, head of the central bank's financial stability department, also said the quotes would not apply to assets held abroad by the Russians.

According to data released by Cambridge University in October, Russia ranks third in crypto mining after the USA and Kazakhstan. Names like BitRiver, Minespot and BitCluster have large facilities.