The Bank of Russia has issued a statement that is pushing for a crypto ban similar to the one seen over the past weeks in China.

As bitcoin tries to recover from an October where it plummeted in value from the mid $9000’s to a low of $6500, a new wave of negative rhetoric has hit the market.

The Russian bank said the following in recent statement:

“we continue to believe that crypto currency is carry significant risks, including the field of laundering of proceeds of crime and financing of terrorism, as well as conducting exchange transactions due to shop exchange rate fluctuations,“

Translation of a statement issued by the Bank of Russia

The Bank of Russia obviously have a vested interest in keeping the ruble as the only legal tender in the country.

As yet Russian authorities have not made a move to crack down on crypto companies similar to the one seen in China recently but it comes as no surprise that the Russian bank isn’t particularly keen on allowing cryptocurrency as legal tender, especially as they may be looking to launch their own ruble-backed digital currency in the near future.


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