The Russian central bank has called for a blanket ban on crypto, evenas Russians increasingly opt for digital currencies amid steep plunge in rouble due to sanctions imposed on the country.

Earlier this year, the central bank had demanded a ban on crypto mining and use, triggering a sharp dip in crypto.

Standing firm on its previous stance on virtual currencies, the central bank labelled crypto as ‘extremely risky’, stated Business Today.  

The bank also likened crypto to pyramid schemes, which could hamper the financial wellness of ordinary Russian people.

These views are particularly crucial at a time when Russians are increasingly swapping rouble with crypto to evade the impact of sanctions driven by Russia’s invasion of Ukraine.

Meanwhile, recently, US-based crypto exchange Coinbase blocked over 25,000 crypto wallets tied to Russian individuals or entities. Crypto exchange Binance stopped accepting cards of Russian banks under sanctions.

However, views of the central bank are at odds with Russia’s Treasury Department and the rest of the federal government, who believe that crypto needs to be authorised with more regulations.

At present, Moscow limits crypto usage as a payment option.

However, it is chalking out a legal framework to regulate virtual currencies, with Russia’s draught law “On Digital Currency” currently under the government’s review.

Crypto assets of Russian residents are valued at around $26bn, reported the publication citing government data.