In another Constitution paper, the Bank of Russia echoed the proposal. The constitution highlights the risks that the volatile concept of cryptocurrencies poses to the country's monetary stability and people' well-being.
The Constitution also mentions the widespread use of cryptocurrencies in illicit activities.
According to a report by Russia's central bank, the rapid growth of cryptocurrencies is due in large part to their theoretical appeal. This has prompted the search for a probable air pocket, which has characteristics similar to a monetary pyramid.
If or when they lose their value, it could have a massive impact on the nation's investors. Russia legally recognized cryptocurrencies in 2020, but it quickly prohibited their use for exchanges.
Russia is the world's third-largest location for bitcoin mining. With contrasting energy requests causing an overabundance load on its energy sources, the Bank of Russia has stated that "the prohibition of cryptocurrency mining in Russia may be the best arrangement" to mitigate this issue. In fact, unlike China, the country has not completely banned cryptocurrencies despite such a large number of measures.
Taking into account the position of other countries on cryptocurrencies in the discussion paper, Russia does not envision a ban on claiming cryptocurrencies.
Elizaveta Danilova, the head of the national bank's monetary stability office, approved the equivalent. According to Reuters, Danilova stated that "for the time being, there are no plans to ban cryptocurrencies similar to the experience of China." "The strategy we've proposed will suffice."
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April 29, 2022
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