Africa Business Radio

Russia’s central bank proposed a blanket ban on the use and creation of all cryptocurrencies within one of the world’s biggest crypto-mining nations, citing the dangers posed to the country’s financial system and environment. The central bank also took aim at mining, which it said hurts the country’s green agenda, jeopardizes Russia’s energy supply and amplifies the negative effects of the spread of cryptocurrencies, creating incentives for circumventing attempts at regulation. The Central Bank called for individuals and businesses that flaunt the rules to be held to account, citing estimates that put Russia’s crypto trading turnover at about $5 billion a year.