Why Did Russia's Central Bank Banned Crypto-Related Mutual Fund Investments?

[Good-Guy]

There are many countries that have been banning cryptocurrencies from being in operation due to unknown reasons. We have seen cryptocurrencies being banned in Nigeria, Indonesia, etc. However, now it seems like there are more restrictions in certain countries when it comes to cryptocurrency transaction and business funding. Most of the people realize that Russia plays an important role in the world and its policies can have a significant impact on the cryptocurrency market and the overall value of the coins. I have read recently that Russia's Central bank has prohibited the usage of cryptocurrencies when it comes to financing the mutual fund investment projects in the country. Even though the reason for this ban are not clear, some people suggest that cryptocurrencies are causing complexities in the investment process. Please note that this does not necessary mean that cryptocurrencies are banned as a whole in the country. Russia is one of those countries where you can find many Cryptocurrency investors. According to some estimates, there are more than 3 million people in Russia who trade in cryptocurrencies. This decision might have some impact on the cryptocurrency market in a negative way. What do you think? Please give your opinions.

 

[minenovo]

When did that happen? That is pretty unfortunate news.

 

[DanySh]

I wouldn't expect this from Russia tbh. Governmental institutions are just starting to get concerned about crypto as they cannot control it. I hope though it will not be entirely banned there, and overall, I hope countries will start to accept it rather than restrict it.

 

[minenovo]

I am hoping for the same, but from what I understand the Russian regulator has always been pretty conservative.