Russia bans mutual funds from investing in cryptocurrencies
The Bank of Russia restricts mutual funds from investing in digital currencies in a new directive.
Mutual funds are no longer allowed to invest in crypto
In a statement, the Bank of Russia says that funds cannot invest in digital currencies or in "financial instruments whose value depends on the prices of digital currencies." Previously, this was only a recommendation. Although funds are no longer allowed to invest in cryptocurrencies, a local report stated that there are currently no investment funds in Russia that invest in cryptocurrencies. Therefore, the decision will not have a significant impact on investors.Based on data from July, the regulator pointed out that more than $5 billion (350 billion rubles) worth of cryptocurrencies were traded in Russia last year. The country hosts more than 11% of the world's mining hash rate per month. According to reports, the country's power utilities are also trying to raise electricity prices for crypto miners.
The Bank of Russia is currently working on a CBDC
In July, the regulator also banned Russia's stock exchanges from listing financial instruments that depend on digital asset prices. The government has also introduced a draft directive on crypto exchanges under its anti-corruption guidelines. This allows federal security agencies to conduct investigations into crypto exchanges and "operators of information systems in which digital financial assets are issued".Meanwhile, the Bank of Russia is working on a central bank digital currency (CBDC) backed by the Russian ruble. The regulator originally planned to launch a CBDC pilot program in December, but the date was recently postponed. Moreover, the central bank's governor Elvira Nabiullina told the media outlet that a decision on the launch will be made after a pilot test in 2022.
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