Folk encryption currency may soon disappear from Russia

According to Russian Tasca, the Vladimir Chistyukhin, deputy director of the Russian Central Bank, said that private encrypted currency may soon disappear in the financial market.

“I will give you a tip: we think that there is no interdehed the currency in the Russian financial market,” Tasciocusen quoted Chistyukhin.

Russia believes that private encrypted currencies will become a threat to money laundering and funding terrorism, which makes the country become a criticist against digital assets.

Follow China and India’s footsteps, Russia has recently started to increase the use of encrypted currencies. However, this action may not compare the reimptief of the Russian Government’s October not fully banned the encrypted currency.

The Tascaires invoked Chistyukhin that the central bank is preparing a report, explaining the proposal to limit the Russian currency.

According to Reuters last week, the Russian central bank advocates “completely refuse” private encrypted currency because it believes that the increase in encrypted transactions will bring risks to financial stability.

In essence, encrypted currency is decentralized, not subject to government supervision, which makes it a potential threat to national financial stability.

The Russian Bank is pointing out that China and India have experience in encrypting monetary supervision while planning to further adjust their supervision of digital currencies.

In September, China has increased the intensity of encrypted currencies, and fully ban all encrypted transactions and “mining”.

At the same time, the Russian Bank aims to develop their own digital currency or rubles to join global trends.

According to a report on December 14, 2021, the Russian Bank has issued new rules for the common funds of the country, and prohibiting the investment of encrypted currencies.