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The Bank of Russia proposed to ban cryptocurrency mining - Comment
The authors of the report point to the risks posed by the spread of cryptocurrencies for Russian citizens, as well as for the financial stability and economic security of the country. Analysts submitted their proposals for consultations on possible regulatory measures in this area. At the beginning, data on the nature of cryptocurrencies and an analysis of trends in their market are presented. Analysts assess the level of involvement of the country's citizens in this market. It is proposed to take a look at the international experience of regulation of cryptocurrencies. Summing up, the authors of the report note that in the last year there has been a rapid growth of the cryptocurrency market in the world. The volume of transactions of citizens of the Russian Federation with cryptocurrencies annually reaches about five billion dollars. At the same time, the Russian Federation has become one of the leaders in terms of global mining capacities. “The long-term potential for using cryptocurrencies for settlement appears to be limited,” the report notes. “The rapid growth of their market value is determined primarily by speculative demand in the expectation of a further increase in the rate, which leads to the formation of a bubble.” It is pointed out that cryptocurrencies “have the characteristics of a financial pyramid”, because the growth of their price is largely supported by demand from newly entering the market participants. “The spread of cryptocurrencies poses significant threats to the well-being of Russian citizens, the stability of the financial system and the threats associated with servicing illegal activities with cryptocurrencies,” the document states. It is also noted that “cryptoization, like currencyization, limits the sovereignty of monetary policy”, and this is fraught with the fact that Russia will have to “maintain a higher level of the key rate on an ongoing basis” - “to curb inflation”. Finally, the spread of cryptocurrencies leads to the withdrawal of people's savings "beyond the perimeter of the Russian financial sector." In addition, analysts point out that cryptocurrencies are “actively used in illegal activities”, their distribution “creates favorable conditions for criminal operations, extortion and bribery and is a challenge to the global anti-money laundering system.” The Central Bank of the Russian Federation, the report says, believes that the current scale and further spread of cryptocurrency mining in the country bear significant risks for the economy and financial stability, creating “unproductive consumption of electricity.” Because of this, the “energy supply of residential buildings, social infrastructure buildings and enterprises”, as well as the “implementation of the environmental agenda” of the country, are under threat. “In this regard, according to the Bank of Russia, the best solution is to introduce a ban on cryptocurrency mining in Russia,” the authors of the report suggested. It is proposed to make a number of changes to Russian legislation. Answers to questions for consultations and proposals on the report of the Central Bank of the Russian Federation proposed to be sent until March 1, 2022 inclusive.
Answers:
Courier with Three Heads
This is good
Mikhail Ilyin
Let Telegram be banned first, it is somehow not as secure as a crypt
Fedor Smolin
I would definitely not answer, but this crypt is more modern and more reliable than the same paper money.
NIGHTRACER
Well, yes. such good intentions ... forgot to add. "to strengthen the digital ruble". what can I say, total control, in action!
Dmitry Viktorovich
it is impossible to effectively fight crime without cutting off its financial flows
Gust _
I don't care about crypto - I don't have it and never will. Let the Central Bank prohibit it, if it can. The imbalance is simply in the energy consumption system, and more often electricity is not bought, but stolen. I personally don't want theft. Let the miners put up panels or windmills and mine from them. The miners will run away to Kazakhstan and that's fine. We would rather sell this light legally to China than miners steal it in Irkutsk.
Andrey Panarin
Through the issuance of a cryptocurrency, people were persuaded to spend an unlimited amount of the energy resources of their planet on solving a series of tasks that are meaningless for a person and society. When this stops, I'll be glad.
Dmitry Vtorushin
It is high time! We decided to cut off funding for foreign agents and other terrorists.
SWAN
Look better how this mediocre, verbose government disposes of the money of the people. you will find on the screen
b
There is nothing to comment on, stuffing in order to receive an award has nothing to do with reality
sergey just
they live in the last century.
GRAY
FSUs .. let the head bo-bo those who twist it.
Ivan
Turn off the Internet nafig, only the TV set is only the first channel.)))))))
Evgenia Balykova
This does not concern me much, I am only interested in trading, if mining is banned, it will not greatly affect anyone. The main thing is that cryptocurrency exchanges are not banned by the type [link blocked by the decision of the project administration] and others.
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