Russia prepares to ban cryptocurrency transactions

Russia's central bank is set to ban the use and transaction of cryptocurrencies. Russia's central bank has banned cryptocurrencies in a report released on Thursday.

The proliferation of cryptocurrencies has posed major challenges to Russia's economy and to the Russian currency, the ruble. The central bank said it expects the crisis to be overcome if the ban is implemented. Russia is set to overtake China and Kazakhstan to crack down on cryptocurrencies.