The regulator offers many arguments in favor of a complete ban on any operations with this type of finance for Russians.
The Central Bank of Russia proposed a total ban in Russia on the issuance, mining and circulation of cryptocurrencies.
At the same time, the authors of the initiative propose to introduce liability for violating the ban.
The risk is indicated as a reason threats associated with the spread of this type of money, including the financial “bubble”, which may arise in the local market.
The report “Cryptocurrencies: Trends, Risks, Measures” published by the Central Bank states that private investors risk completely losing their investments by investing in cryptocurrencies, the rate of which depends on public recognition and chances to use them in various transactions, including those that violate the law.
“The growth of the cryptocurrency market largely reflects the formation of a bubble in the market,” Central Bank analysts said.
The same ban, in their opinion, should be imposed on financial transactions with cryptocurrency for organizations in the sphere, as well as its use in financial instruments, the participation of Russian intermediaries in them and, in general, any participation of the domestic market in such monetary circulation.
As a timeliness of such a decision, the Central Bank recalled that Russia came in third in terms of capacities used for mining, their share is 11% of the total world resource. Further growth can disrupt the work of other enterprises, because. the amount of energy consumed will also increase.
Thus, analysts recalled the Irkutsk region with its almost two-fold increase in electricity consumption (1.6 times) against the backdrop of the lowest tariffs for residents.
As a result, last year the number of citizens whose expenses increased by 62% electricity increased 13 times more than the usual size. Judging by the data on their personal accounts, it is these consumers who take 25% of all electricity in the region.
In addition, cryptocurrencies are not provided within the country for domestic settlements, which is also a reason for their ban, the Central Bank believes.
The speaker of the Kremlin, Dmitry Peskov, also expressed his opinion about the proposed ban.
He said that this issue is not the prerogative of the presidential administration, thus referring journalists to the relevant departments, which should analyze this issue.
On the eve of the Central Bank's statement, Bloomberg claimed that the decision of the Bank of Russia was influenced by the arguments of the FSB.
As Topnews wrote earlier, the General Prosecutor's Office of the Russian Federation announced the rules for the arrest and confiscation of cryptocurrencies from Russians.