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