"The Central Bank has developed and sent to the Ministry of Finance two bills, in one it proposes to ban the circulation and issue of cryptocurrency, in the second it prescribed fines for violations," the source said.

The Bank of Russia also proposes to introduce a ban for banks and other participants in the financial market to own private digital currencies, the source added.

"The bill also clarifies the ban on the spread of information on private digital currency in Russia, which will also include information on the organization of the issuance, organization of the circulation of private digital currency," the source added.