Russian Central Bank Mulls New Ban on Bitcoin and Crypto: Report

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Russia’s central bank is reportedly considering a broad ban on the use of Bitcoin and cryptocurrency for payments.

According to the state-sponsored news outlet RIA Novosti, the Central Bank of Russia supports legislation that would ban the use of Bitcoin in commerce.

“The ruble is the only legal tender in the Russian Federation.

We continue to believe that cryptocurrencies carry significant risks, including in the field of laundering of proceeds from crime and financing of terrorism, as well as in conducting exchange transactions due to sharp exchange rate fluctuations.”

Russia’s Ministry of Finance has been working for more than a year to clarify the country’s stance on digital assets.

Over the summer, finance leaders were expected to legalize the sale and purchase of cryptocurrency, but ban citizens from spending their digital assets on goods and services.

But policy makers postponed the decision at the eleventh hour.

Meanwhile, leading cryptocurrency exchange Huobi is rolling out new products and services under its local exchange Huobi Russia. The exchange announced on Facebook that its Moscow operation, which launched a year ago, is gearing up with a slate of new offerings.