Russia wants an outright ban on cryptocurrency payments while Thailand and Indonesia step up their attempt to increase crypto regulation.

Last week, the Bank of Russia published a consultation paper urging for a wide-ranging ban on crypto activities, including the use, exchange, and mining of digital coins. While the bank is waiting for feedback on the report until March 1, the proposed blanket crypto ban is met with strong opposition in Parliament.

This week, Thailand jumps on the bandwagon and plans to limit the use of digital assets for payments of products and services. Recognise such risks and implications, the Thai regulators is considering exercising power to ban digital asset operators from facilitating use of crypto as a means of payment for goods and services. “However, technologies and digital assets that do not pose such risks should be supported with appropriate regulatory frameworks to drive innovation and further benefit for the public,” said Mr. Sethaput Suthiwartnarueput, Governor of the BOT. A public hearing on the new rule will be held until Feb. 8 before it will be effective.

At the same time, Indonesia’s Financial Services Authority (OJK) warned that financial firms are not allowed to offer and facilitate sales of crypto assets. A statement posted on Instagram suggested “OJK has strictly prohibited financial service institutions from using, marketing, and/or facilitating crypto asset trading,” albeit allowing sales of crypto assets in the commodities exchange but trading is supervised by the trade ministry and the Commodity Futures Trading Regulatory Agency.

All claimed that the volatility of cryptocurrencies poses high risks and the outright ban or increase in restriction will avert potential impacts on their country’s financial stability and economic system.

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