Russia's central bank has said it fears all cryptocurrencies, including bitcoin, could jeopardize Russia's financial stability and prevent Russian citizens from investing in cryptocurrencies.
Russia's central bank has begun talks with experts and key stakeholders about the ban, according to a Reuters report. If the ban on cryptocurrency is applied, it will apply to new buying and selling of corrupt assets, the ban on assets purchased in the past will not apply. Russia's central bank has demanded a ban on all cryptocurrencies, in this case. The Bank of Russia was contacted and replied that it was preparing a consultative report to clarify its position on the issue.
Russia's position on bitcoin has been volatile in recent years, but the country's government has always sought to increase surveillance and tracking of cryptocurrency transactions. Russia's financial watchdog has also begun monitoring local currency transactions from cryptocurrencies to identify suspicious activity.
