According to TASS, Bank of Russia Deputy Governor Vladimir Chistyukhin hinted on Monday that privately run cryptocurrencies may soon be phased out of the country's financial markets.

According to TASS, the central bank is working on a report outlining proposals to limit the use of such currencies in Russia.

While it intends to issue its own digital rouble, Russia has long opposed private cryptocurrencies, claiming they could be used for money laundering or terrorism financing. However, it has recently stepped up its campaign.

"I'll give you a hint: We do not see room for cryptocurrency on the Russian financial market," Chistyukhin said, according to TASS.

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Last week, a major newswire cited sources as saying the central bank sees risks to financial stability from the growing number of crypto transactions and advocates for their "complete rejection" sending bitcoin tumbling.

Elvira Nabiullina, governor of the Central Bank of Russia, has stated that her institution will not accept investments in cryptocurrencies, which Russians have used in annual transactions worth approximately $5 billion.

The Bank of Russia has previously stated that the country's cryptocurrency regulation needs to be tweaked further, citing China and India's experiences.

In September, China tightened its grip on cryptocurrencies by imposing a blanket ban on all crypto transactions and "mining" causing bitcoin and other major coins to plummet and putting pressure on crypto and blockchain-related stocks.

Meanwhile, the Bank of Russia intends to join the global trend of creating its own digital currency in order to help modernize financial systems, speed up payments, and counter any threat posed by other cryptocurrencies.