RUSSIAN CENTRAL BANK PROPOSES CYRPTO BAN

Russia’s central bank on Thursday proposed banning cryptocurrency in the country over concerns about financial instability.

The bank released a report saying that cryptocurrency should be blocked as a means of transaction for government-issued currency, and financial institutions should be prevented from using it, Reuters reported. It also proposed banning the mining of cryptocurrency in the world’s third largest region for such mining, citing the large amount of energy it takes to mine the currency via powerful computers.

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