Russia’s new draft bill prohibiting crypto operations in the country has again suffered a less-than-glowing review from an arm of government.
The nation’s Ministry of Justice opposed the draft new regulation Tuesday, a week after the Ministry of Economic Development also criticized it. The bill was introduced by lawmakers in March but is broadly believed to be the brainchild of the country’s central bank, which has a prohibitive approach to crypto. The proposal met some harsh reviews from Russia’s crypto community after being unveiled.
Read more: https://www.coindesk.com/russias-ministry-of-justice-latest-to-criticize-proposed-crypto-ban
This is definitely not encouraging news, of course, because we all know that Russia is one of the largest crypto communities in the world. but it seems that with the issuance of the bill there will be many rejections from the crypto community in Russia, of course.
the content of the bill is clearly very detrimental because it is written that;
- Cannot use government infrastructure in any crypto activities such as mining, trading and others.
- Digital assets can also be confiscated like any other property by a court order.
but the economy minister opposed the ban because;
- The country's crypto ban will only cause a spike on the black market that will be hard to control.
was also upheld by the central bank of Russia which said it was impossible to ban bitcoin. despite saying that cryptocurrency is being actively used for money laundering and illegal activities.
hopefully there can be a way out because obviously Russia is a country that has great potential for crypto and obviously there are quite a few crypto followers there.