March 16, 2020 Russia’s central bank has announced that an upcoming bill will likely ban the issuance and trading of cryptocurrencies.

A member of Russia’s central bank, the Bank of Russia (BoR), Alexey Guznov has stated that Russia’s upcoming digital assets bill may include a ban on the issuance and trading of cryptocurrencies. Guznov has said that cryptocurrencies pose risks in terms of consumer protection, financial stability, and money laundering. Although for now, it seems that this ban will not extend to ownership, the BoR hopes that the bill will introduce punishment for the issuance and circulation of cryptocurrencies. The current bill has been going through Russia’s legislative process since last spring and despite outlining rules for security token issuance it currently makes no mention of cryptocurrencies. CoinDesk notes that this announcement is in line with prior guidance from the BoR. Despite a more positive tone towards stablecoins and tokenized commodities, Elvira Nabiullina, head of the central bank in October 2017 stated that cryptocurrencies should be illegal and in October 2018 rejected the idea of a national digital currency.