Russia's central bank calls for crypto crackdown
-
Kenya's economy faces climate change risks: World Bank
-
Tokyo-bound United plane returns to Washington after engine fails
-
Deja vu? Trump accused of economic denial and physical decline
-
China's smaller manufacturers look to catch the automation wave
-
Hungary winemakers fear disease may 'wipe out' industry
-
Campaigning starts in Central African Republic quadruple election
-
'Stop the slaughter': French farmers block roads over cow disease cull
-
First urban cable car unveiled outside Paris
-
Why SpaceX IPO plan is generating so much buzz
-
US unseals warrant for tanker seized off Venezuelan coast
-
World stocks mostly slide, consolidating Fed-fuelled gains
-
Crypto firm Tether bids for Juventus, is quickly rebuffed
-
UK's king shares 'good news' that cancer treatment will be reduced in 2026
-
Can Venezuela survive US targeting its oil tankers?
-
Salah admired from afar in his Egypt home village as club tensions swirl
-
World stocks retrench, consolidating Fed-fuelled gains
-
Iran frees child bride sentenced to death over husband's killing: activists
-
World stocks consolidate Fed-fuelled gains
-
France updates net-zero plan, with fossil fuel phaseout
-
Stocks rally in wake of Fed rate cut
-
EU agrees recycled plastic targets for cars
-
British porn star to be deported from Bali after small fine
-
British porn star fined, faces imminent Bali deportation
-
Spain opens doors to descendants of Franco-era exiles
-
Indonesia floods were 'extinction level' for rare orangutans
-
Thai teacher finds 'peace amidst chaos' painting bunker murals
-
Japan bear victim's watch shows last movements
-
South Korea exam chief quits over complaints of too-hard tests
-
French indie 'Clair Obscur' dominates Game Awards
-
South Korea exam chief resigns after tests dubbed too hard
-
Asian markets track Wall St record after Fed cut
-
Laughing about science more important than ever: Ig Nobel founder
-
Vaccines do not cause autism: WHO
-
Crypto mogul Do Kwon sentenced to 15 years for fraud: US media
-
'In her prime': Rare blooming of palm trees in Rio
-
Make your own Mickey Mouse clip - Disney embraces AI
-
OpenAI beefs up GPT models in AI race with Google
-
Dark, wet, choppy: Machado's secret sea escape from Venezuela
-
Cyclone causes blackout, flight chaos in Brazil's Sao Paulo
-
2024 Eurovision winner Nemo returns trophy over Israel's participation
-
US bringing seized tanker to port, as Venezuela war threats build
-
Make your own AI Mickey Mouse - Disney embraces new tech
-
Time magazine names 'Architects of AI' as Person of the Year
-
Floodworks on Athens 'oasis' a tough sell among locals
-
OpenAI, Disney to let fans create AI videos in landmark deal
-
German growth forecasts slashed, Merz under pressure
-
Thyssenkrupp pauses steel production at two sites citing Asian pressure
-
ECB proposes simplifying rules for banks
-
Stocks mixed as US rate cut offset by Fed outlook, Oracle earnings
-
Desert dunes beckon for Afghanistan's 4x4 fans
NYSE - LSE
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.
C.Smith--CPN