Amid War, Russia’s Central Bank Still Calls for Banning Crypto

Despite a surge of interest in how Russia might use cryptocurrencies to sidestep sanctions, recently Russia’s central bank again called for the country to ban cryptocurrencies.

The bank said that its position on cryptocurrencies — which it views as risky and similar to a pyramid scheme that could undermine ordinary Russians’ financial wellbeing — remains unchanged.

“The Central Bank currently supports the position that was previously announced and published on the official website. There is nothing to add today,” said Maria Telegina, head of an expert group from the Bank of Russia’s Department of Financial Technologies last Thursday during a presentation on blockchain technology and the regulation of digital financial assets.

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