HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Why is Russia Mirroring China’s Anti Crypto Stance?

Crypto 2019/11/30 08:34 by Martin Young
russia crypto ban

Reports are emerging that Russia’s stance on crypto has turned negative. The news comes in the wake of a week of FUD stemming from another ‘bitcoin ban’ in China. It is no surprise that central banks do not favor decentralized currencies in a world where they’re racing to launch their own ones.


Russian Central Bank Negative on Crypto

Crypto markets are slowly showing signs of recovering from a six month low when another round of FUD has hit the media. According to local reports from state media, the Russian central bank would support a move to prohibit crypto assets being used for payments.

Reiterating that the Ruble is the only legal tender in the country the bank rehashed the tired old comments regarding money laundering and terrorism financing concerns (translation):

“We continue to believe that cryptocurrencies carry significant risks, including in the field of laundering of proceeds from crime and financing of terrorism, as well as in conducting exchange transactions due to sharp exchange rate fluctuations,”

The Bank of Russia continued with the negative rhetoric adding that it would support any move made by regulators to ban cryptocurrencies as a means of payments as confirmed by the deputy head of the banking regulation department of the Ministry of Finance, Alexey Yakovlev.

According to Izvestia, crypto-assets can currently be used for payments in some retail outlets and are accepted by freelancers as salaries.

There have been delays in legislation regarding the legal status of smart contracts, ICOs and crypto mining in Russia. Three bills were submitted to the State Duma in 2018 but only two have been adopted which address changes to the civil code regarding digital rights, as well as a law on raising funds using crowdfunding platforms.

Stifling Innovation

As yet there has been no official move towards a crypto ban in Russia but as in previous instances, the central bank has tendencies to reaffirm its status as financial overseer from time to time. These threats are not limited to Russia and have been issued by central banks across the world.

The reports continue to state that the Russian crypto community is preparing itself for a potential tightening of restrictions which could lead to a situation similar to China’s where the majority of trading goes underground or OTC.

Industry experts say a blanket crypto ban is not the answer but a regulatory framework would be the way forward if Russia is to remain competitive in the blockchain technology field.

Will Russia completely ban bitcoin and crypto? Add your thoughts below.


Image via Bitcoinist Media Library

The post Why is Russia Mirroring China’s Anti Crypto Stance? appeared first on Bitcoinist.com.

0 Like(s)



You should also read...

Crypto 07/05/21 16:23 by Adrian Klent
India’s Crypto Ban Implementation Will Now Be Decided By Individual Banks
The National Payments Corporation of India (NPCI) – an umbrella organization in charge of operating retail payments and settlement systems in India – has made a decision not to place a ban on cry...
Read More
Crypto 13/05/21 18:26 by Arun Kumar Shrivastav
Indian Crypto Investors Express Outrage As Multiple Exchanges Face Challenge With Banks Stopping Transactions
Indian cryptocurrency investors are all fire and fury as some of the banks are reported to have blocked payments to and from cryptocurrency exchanges. This has led to a sudden disruption in cash fl...
Read More
Bitcoin 24/05/21 16:34 by Brenda Ngari
Good News For Bitcoin Bulls As Russian Lawmakers Consider Reversing Ban On Crypto Payments
Russians looking forward to incorporating digital assets like bitcoin into their lives have recently received spectacular news, as the country’s lawmakers are now apparently considering allowing cr...
Read More
Crypto 31/05/21 15:47 by Ruholamin Haqshanas
UK Banks Are Blocking Payments To Cryptocurrency Exchanges
According to a recent report from The Telegraph, three UK banks, Barclays, Monzo, and Starling have halted payments to cryptocurrency exchanges like Binance and SwissBorg. The banks cite concerns reg...
Read More
Bitcoin 30/06/21 15:22 by Bernice Nyambura
650 US Banks and Credit Unions Can Now Offer Bitcoin to Over 24 Million Customers
Bitcoin purchases will now be directly available to approximately 24 million customers from 650 US banks and credit unions as a result of a new partnership between the US enterprise payments giant th...
Read More