Russia Banning Cryptocurrencies

Cryptocurrencies may be gaining traction around the world, but they aren’t welcome in another major country, as Russia takes steps to ban them.

According to Forbes, reporting on an interview with the Russian news agency Interfax, a Russian official said an upcoming digital assets bill will ban buying and selling cryptocurrency.

“We believe there are big risks of legalizing the operations with the cryptocurrencies, from the standpoint of financial stability, money laundering prevention and consumer protection,” said Russia’s central bank head of legal, Alexey Guznov.

“We are opposed to the fact that there are institutions that organize the release of cryptocurrency and facilitate its circulation,” Guznov continued, saying the bill “directly formulates a ban on the issue, as well as on the organization of circulation of cryptocurrency, and introduces liability for violation of this ban.”

Russian officials recognize they will not be able to completely stop cryptocurrency transactions, with Guznov saying authorities will not pursue individuals who made their deals in a country where it was legal.

Either way, however, Russia’s announcement is a big blow to cryptocurrencies around the world.