The Central Bank of Russia (BoR) wants to impose a crypto investment ban, according to a report report Reuters cites sources familiar with the matter.

Investors will be banned from making new purchases, but the ban does not extend to existing crypto holdings, according to the report.

The annual volume of Russian cryptocurrency transactions is about $ 5 billion. Its growing popularity raises concerns about risks to financial stability, according to BoR’s first deputy governor Ksenia Yudaeva.

Referring to China’s experience, Yudaeva said Russia needs more regulation of crypto regulation.

Earlier this month, the BoR banned mutual funds from investing in Bitcoin and other cryptocurrencies.z

In July, the BoR asked exchanges to restrict the listing of foreign and domestic crypto-oriented companies due to high volatility, insufficient liquidity and regulatory risks.

Meanwhile, testing of the digital ruble, the digital currency of the Russian central bank, is slated to begin next year.

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