Russia bans Bitcoin

[riberet19]

The news has just come to light that Russia will ban Bitcoin from September this year, here is the full news.

https://www.cryptopolitan.com/russia-to-ban-cryptocurrencies/

 

[Suba]

In 2021 I heard that Russia has no regulations regarding crypto but prohibits using Bitcoin as a means of payment. If starting next month in September Russia will ban Bitcoin, will crypto holders be subject to criminal law like in China.

 

[riberet19]

Yes, this is bad enough, there are a lot of people using BTC in Russia, this could have a progressive downward effect as Russians sell, although banning bitcoin may not be enough to stop its use, just look at the case of Nigeria.

 

[mrki444]

How about ETH? There was rumors few years ago how Russia will start support Ethereum and use it in official channels.

 

[magnus2022]

Russia is very confused about bitcoin and cryptocurrency as a whole. I think Russia government is too skeptical about anything that have to do with western countries. Secondly, Russia is somewhat autocratic and have a kind of communist regime which is always cautious of other civilizations.

 

[riberet19]

Cryptocurrencies really have nothing to do with Western, they are decentralized and for the world, the issue here is that Bitcoin and crypto are almost as widely used as the ruble and they believe that it is taking economic power away from the ruble.

 

[King Belieal]

The high rate of adoption of bitcoin is troubling to Putin and his government who always want to be in control of everything.

 

[riberet19]

The high rate of adoption of bitcoin is troubling to Putin and his government who always want to be in control of everything.

Yes, like any authoritarian government, I suppose people will continue to use it despite the ban, as in other countries where there is a ban.

 

[Starmix]

Russia lacks the better understanding of Bitcoins because they are focused on war and how to win the war . Those who knew kept their mouths shut.

 

[riberet19]

I don't know if he doesn't understand Bitcoin or if people are really stopping using the Ruble, anyway this is already approved

 

[King Belieal]

While this is a big blow to the crypto community, I believe that Russians would still partake in crypto activities by the virtue of the nature of crypto itself.

 

[SHAHID987]

What Russia will do USA will do exactly opposite of it, so in USA there is day by day improvement are seeing as it's ETF so Russia has to do something negative.

 

[eLdavis]

The high rate of adoption of bitcoin is troubling to Putin and his government who always want to be in control of everything.

I think it's also the same issue Nigeria is having, and the worse part about it is that they don't even have the capacity to control things.

 

[kerryjoy]

It'll be interesting to see how this impacts the global cryptocurrency market and Russia's economy.

 

[Fidelia]

No ban from any country can make bitcoin and the crypto industry to be significantly eroded. There is no reason for the ban on crypto.