Russia's central bank calls for crypto crackdown
-
Russian barrage on Kyiv kills 17 as Ukraine fails to down single missile
-
India monsoon floods, landslides kill more than 100 since July: officials
-
'Lost': Migrants despair after Britain expels them back to France
-
South Korea pro baseball league cancels games over heatwave
-
Cathay Pacific's profit soars 71% despite Iran war driving up fuel costs
-
Taiwan probes 17 China-funded firms over high-tech talent poaching
-
Russian barrage on Ukraine kills 15, wounds dozens more
-
Trump warns Iran to open Hormuz or get 'hit very hard'
-
South Korea police raid Starbucks HQ over 'Tank Day' fiasco
-
Factories shed workers in Bangladesh garment sector
-
Tech back in fashion as Asian markets extend rebound
-
North Korea warns of 'military options' over Japan rearmament
-
Total eclipse gives scientists chance to probe Sun's mysteries
-
Tiny light, big dream: Harvesting power from soil in Japan
-
What to know about the total solar eclipse on August 12
-
Trump admin to review 'closed' AI models before release: reports
-
'Like the end of the world': the eclipse chasers flocking to Spain
-
De Minaur fights past Duckworth in all-Aussie Montreal battle
-
Taiwan begins military drills as China pressure grows
-
High bills, cheap panels drive a Philippine solar surge
-
UK mansion where 'listeners' spied on Nazi generals becomes museum
-
Russian barrage on Ukraine kills 2, wounds dozens more
-
Sabalenka tops Uchijima in WTA Toronto opener
-
Alcaraz withdraws from Cincinnati Masters with wrist injury
-
Kgatlana strikes as South Africa reach WAFCON quarter-finals
-
SpaceX revenue jumps 92% in first earnings report, but shares slide
-
Pakistan close on series-levelling win against West Indies
-
US eyes Hormuz deal 'today or tomorrow' as ship sinks in Red Sea
-
Paramount CEO says politics fueling Warner Bros. merger battle
-
SpaceX revenue jumps 92% in first earnings report
-
Trump's sale of access to Truth Social raises eyebrows
-
New commissioner Berg wants to take MLS to 'next level'
-
SpaceX rocket stage expected to slam into Moon
-
Colombian ex-guerrillas fear for future under hardline president
-
US hopeful Hormuz strait deal will be done 'today or tomorrow'
-
Tsitsipas comeback continues with Montreal first-round win
-
Michigan primary puts Democratic divide on the ballot
-
Swiatek fends off Bejlek to reach Toronto third round
-
South Africa captain Kolisi to make Test return in Argentina
-
Reusser romps to overall lead at Tour de France Femmes
-
Cuba's famed resilience comes at a growing mental cost
-
McDonald's reports slower US sales in 2nd quarter
-
Swiss Reusser wins Tour de France Femmes time-trial
-
Arsenal step up bid to sign Newcastle's Guimaraes: reports
-
Hundreds flee homes after Guatemala's Fuego volcano erupts
-
Gazans hold mass funeral for those killed during war
-
Thousands pay tribute to Italian football legend Baresi
-
WHO pleads for more support to tackle Ebola outbreak
-
Oil drops, stocks hit records on hopes of Hormuz opening
-
Oil drops, stocks gain on hopes of Hormuz opening
Russia's central bank calls for crypto crackdown
The Russian central bank proposed Thursday cracking down on cryptocurrencies, a move which if adopted could disrupt the burgeoning virtual money sector as Russia is one of the largest crypto-mining nations in the world.
Russian authorities have for years criticised cryptocurrencies over fears they can be used for illegal activities and have called for regulation.
Authorities granted cryptocurrencies legal status in 2020, but their use in payments was never authorised.
The Bank of Russia called Thursday for reinforcing the ban on cryptocurrency payments, banning crypto-mining, and tightening laws on trading virtual money.
"The use of cryptocurrencies creates significant threats to the well-being of Russian citizens and the stability of the financial system," a report published by the central bank said.
It added that the swift growth of cryptocurrencies is driven by "speculative demand" that leads to the forming of a "bubble".
The report added that cryptos resemble financial "pyramid schemes" because their value increases with the emergence of new players on the market.
It estimated the annual transaction volume of Russian citizens at $5 billion.
Bloomberg earlier cited sources as saying that Russia's domestic security agency, the FSB, had lobbied central bank head Elvira Nabiulina for a ban.
The FSB cited concerns over Russians frequently using the hard-to-trace transactions to support "undesirable organisations", such as opposition groups.
P.Sousa--PC