Russia needs new laws for a comprehensive ban on crypto and crypto-related activities within its borders, the Bank of Russia stated in a report published Thursday. 

Fast facts

  • The recommendation is the latest in a global cryptocurrency crackdown from China and other Asian nations to the United States, as governments fear instability and loss of financial control caused by the emerging private monetary system. 
  • The bank described cryptocurrency as a pyramid scheme and warned that it is destabilizing because its growth is driven primarily by speculation.
  • Russia is the third largest Bitcoin miner by average monthly hashrate share — 11% — after the U.S. (35%) and Kazakhstan (18%), according to a Cambridge University index.
  • The country banned the use of crypto for payments in 2020.
  • Despite the report, Bitcoin rose almost 3% in the three hours following the webcast. Overall, the cryptocurrency is down 37% from its all-time high two months ago. The global cryptocurrency market is up almost 2% in the last 24 hours, according to Coingecko.