Residents of the Russian Federation are Proposed to be Fined for the Use of Cryptocurrencies
“The first point about liability (for violating the ban on operations): we see that these can be fines, but, of course, this issue is subject to discussion. Who could become an authorized body (tracking transactions with cryptocurrencies), we also do not have a ready answer, we propose to start discussing this issue, ”Danilova said at a briefing.
She noted that the Central Bank does not provide for a ban on the possession of cryptocurrencies by citizens. At the same time, she said that the regulator draws attention to the existing risks of fraud and the difficulty of asserting one's rights when acquiring cryptocurrency on foreign crypto exchanges.
Earlier in the day, the Central Bank proposed to ban financial institutions from investing in cryptocurrencies and related instruments. According to Bank of Russia analysts, cryptocurrencies create risks for the Russian financial market, they can carry systemic threats in the absence of restrictions and the involvement of banks and other financial organizations in the market.
Also on Thursday, Bloomberg reported that the Federal Security Service (FSB) convinced the head of the Central Bank (CB) of Russia, Elvira Nabiullina, to support a total ban on cryptocurrency transactions in the country. According to the publication, the service advocated this ban, since payments made in cryptocurrency are difficult to trace.