Bank of Russia Proceeds With Digital Ruble, Renews Push for Crypto Ban

In its letter, the Bank of Russia said that allowing non-qualified investors to trade cryptocurrencies through banks will create “an illusion of government protection” while encouraging people to participate in a “de-facto Ponzi scheme,” Forbes wrote. The government won’t be able to fully control cryptocurrency transactions, and the crypto industry won’t really benefit the Russian economy, the bank said.