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December 2, 2019

Russian Central Bank backs cryptocurrency payments ban

The Central Bank of Russia has said that it would support a potential ban on cryptocurrency payments if the decision is taken at the legislative level.

The central bank said it believes that cryptocurrencies carry significant risks, including risks associated to money laundering and terrorism financing.

It is also of view that a cryptocurrency payments pose risks in carrying out exchange transactions because of sharp exchange rate fluctuations.

“If it is decided to ban cryptocurrencies as a means of payment at the legislative level, we consider it appropriate to support this position,” the banking authority said.

Earlier this year, the Russian Public Opinion Research Center presented the results of a survey regarding cryptocurrencies undertaken on 1,600 people above 18 years of age. The survey revealed that the hype around digital currencies has started to experience a downfall in Russia.

Nearly 56% of the participants stated that they have only some knowledge about Bitcoin, with just 9% of them claimed that they have detailed knowledge about it.

Further 18% of respondents said they have heard the term Bitcoin and 65% of people claimed that they have heard about Bitcoin believe investments made in Bitcoin are not profitable.

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