Russia moves to ban cryptocurrencies

“Potential financial stability risks associated with cryptocurrencies are much higher for emerging markets, including in Russia,” the report said. “This is due to the traditionally higher propensity for saving in foreign currency and an insufficient level of financial literacy.”

Mining hurts the country’s green agenda, jeopardises Russia’s energy supply and amplifies the negative effects of the spread of cryptocurrencies, creating incentives for circumventing attempts at regulation, according to the Bank of Russia.