The bank presented a report in which it states cryptocurrencies are volatile and widely used in illegal activities such as fraud. By offering an outlet for people to take their money out of the national economy, they risk undermining it and making the regulator's job of maintaining optimal monetary policies harder, the report said.
The bank, therefore, said Russia needs new laws and regulations to effectively ban crypto-related activities. The bank is not suggesting banning ownership of crypto by private citizens. The bank said in November 2021 that Russians conduct over USD 5 billion worth of crypto transactions in a year, and that level did not pose a risk.
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