Russian Central Bank Aims to Ban Crypto Investing

• According to a Reuters report released today, the Russian central bank is aiming to ban cryptocurrency investments in Russia.

• If approved by Russian lawmakers, the ban would apply to new cryptocurrency purchases. Previous purchases already made would be unaffected as it would mainly focus on banning the ability to purchase cryptocurrency from exchanges, without impacting the ability to hold cryptocurrency in private wallets.

• The Russian government, including President Vladmir Putin, has been vocal of its dismissal of cryptocurrency, highlighting its use in money laundering operations and financing terrorism.

• While Russia has frequently disregarded the asset class, the Bank of Russia has already began development of a Russian ruble-backed central bank digital currency (CBDC) as governments around the world race towards developing their own government issued digital currencies.