Bank of Russia Proposed to Ban Cryptocurrency Circulation and Impose Fines Up to 1 Million Rubles

The Bank of Russia put forward an initiative for a complete ban on cryptocurrency circulation in the country and introducing liability for violations, including fines up to 1 million rubles. The draft law proposes to prohibit the issuance and organization of cryptocurrency circulation, as well as ownership by financial institutions.

The Central Bank justifies its position by citing risks to financial stability, the potential for money laundering, and terrorism financing using cryptocurrencies. It is proposed to block transfers related to operations of creating and circulating cryptocurrencies.

However, the government and the Ministry of Finance did not support this initiative, advocating for regulation and control in the cryptocurrency sphere rather than a complete ban.