Security News > 2022 > January > Russia's Putin out the idea of a broad cryptocurrency ban
Russia has floated the prospect of Putin a ban on cryptocurrencies.
The Bank of Russia, the nation's central bank, yesterday published a Consultation Paper [PDF] titled "Cryptocurrencies: Trends, Risks, and Regulation" that ponders the impact of unbacked cryptocurrencies and stablecoins on Russia's economy.
"The spread of cryptocurrencies could make people withdraw their savings from the Russian financial sector and, subsequently, decrease its capability to finance the real sector and potential economic growth reducing the number of jobs and potential for household income increase," the document states.
Without irony or mention of Russia's busy ransomware scene, the paper also informs readers that cryptocurrency transactions are hard to detect - which means they are "Extensively used in illegal activities".
The overall tone of the document is not upbeat, nor is it markedly different to other nations' assessments of the risks posed by cryptocurrency.
With a big mining resource at risk and a significantly sized economy expressing hostility to cryptocurrency, blockheads may fear their chances of going mainstream have shrunk.