Russia’s Central Bank is Adamant on Banning Crypto Mining Amidst Growing Backlash

🚀 Stay Ahead with AltcoinDaily.co! 🌐

Despite the fact that the Central Bank of Russia (CBR) has continued to receive an enormous backlash on its proposed plan to ban Bitcoin (BTC) and cryptocurrencies, the apex bank is unrelenting in its push.

As reported by local media channel Vc.ru, the CBR is contemplating banning cryptocurrency mining at the very least, even if it will not push forth with the blanket ban it proposed earlier this month as reported by TheCoinRise.

Per the report, the Central Bank of Russia’s primary focus is to stem the circulation of digital currencies, and a primary way to guarantee that is achieved is by banning cryptocurrencies. The apex bank believes Proof-of-Work (PoW) mining impacts both citizens and the economy as a whole. 

  🌟 Unlock Crypto Insights with AltcoinDaily.co! 💰

The Russian regulators’ skepticism increased as they believe Bitcoin mining’s energy consumption is deadly for the environment with the emission of up to 78 million tons of Carbon-di-Oxide, which is equivalent to what 15.5 million cars emit.

In justifying its plans to ban mining, the CBR cited assertions from Erik Thedéen, a regulator with the European Securities and Markets Authority (ESMA) who proposed a ban on energy-intensive digital currency mining options.

Fitch Ratings on Russian Bank

Known for its related opinions on macroeconomic issues, Fitch Ratings published a report on the proposed plan by Russia to ban Bitcoin saying the move may stump the risks the nascent asset class poses to the broader financial ecosystem. Despite the potential good cause, the ban may stir, the rating agency says the plan may negatively impact the diffusion of novel technologies in the country.

 🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀

“The Central Bank of Russia’s (CBR) proposed new restrictions on the use of cryptocurrency within Russia will limit the financial system’s exposure to risks associated with the emerging sector, although they may hold back the diffusion of technologies that could improve productivity, says Fitch Ratings,” the report reads.

While the Russian Bitcoin mining ban does not have the support of major tech and political voices in the country, the Central Bank has no defined timeline to implement this new rule, and from current indications, the push may gravitate towards more comprehensive regulation than an outright ban. This way, both can co-exist with the country’s stablecoin which is already undergoing tests in the regulatory sandbox.

 🔍 Your Crypto News Hub: AltcoinDaily.co! 🌐