According to Reuters, the Russian central bank wants to ban investments in cryptocurrencies in Russia, citing risks to financial stability and the exploding volume of transactions.

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The ban would prevent all transactions without forcing current holders to divest their portfolios. Authorities in Russia have been against cryptocurrency for a while, claiming that it can be used for money laundering and financing terrorism.

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Last month at an investment forum in Moscow, President Vladimir Putin shared his opinion on cryptocurrency, stating that it "bears high risks."

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However, Anatoly Aksakov, chairman of the Duma (Russian Parliament) Committee on Financial Markets, gave a statement during a press conference yesterday about the possibility of a ban:

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“There exists a very tough approach about the complete prohibition of cryptocurrencies, such as acquisition or ownership. There [also] exists an approach where there must be appropriate crypto exchanges, where everything is legalized, transparent, and understandable to regulatory bodies. It would be easier for the Federal Tax Service of Russia to tax such [exchange] transactions.”

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