Russia's central bank has proposed a complete ban on the use and mining of cryptocurrencies, citing concerns around finance, citizen wellbeing and the environment.
Crypto has features that are typical of pyramid schemes and undermines the authority of monetary policy, the central bank announced in a report, published Thursday. It warned that the market is a bubble and leads to higher interest rates to come with inflation.
“Potential financial stability risks associated with cryptocurrencies are much higher for emerging markets, including in Russia,” the central bank said.
