Bank of Russia steps up campaign against private cryptocurrencies

Bank of Russia steps up campaign against private cryptocurrencies

Bank of Russia steps up campaign against private cryptocurrencies

Information about Bank of Russia steps up campaign against private cryptocurrencies

Kevin David Scam or Legit


By Elena Fabrichnaya
MOSCOW (Reuters) – Russia’s central bank ratcheted up its campaign against private cryptocurrencies on Friday, a day after Reuters reported it wants to ban investments in them.
Valeriy Lyakh, head of its department for countering market misconduct, said in a video that investment in cryptocurrencies was an “out-and-out swindle” and a “financial pyramid”.
The market was volatile and had no regulation, Lyakh said, adding that nobody investigated manipulation in it.
Russia opposed private cryptocurrencies for years, saying they could be used in money laundering or to finance terrorism.
Although it gave them legal status in 2020, it banned their use as a means of payment.

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