After China banned cryptocurrency years ago, I think we can be facing the same development in Russia which is supposedly a good market for cryptocurrency but because the government in Kremlin is not so friendly with it there had been some skirmishes against the industry players based in Russia and now this news that restriction will finally be imposed except digital financial assets issued in Russian jurisdiction starting in September 2024.
"Russia will enforce a strict ban on the general circulation of crypto assets such as Bitcoin, allowing only digital financial assets issued within its jurisdiction. This initiative, led by Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, is part of a broader governmental effort to control the crypto ecosystem amid rising geopolitical tensions.
Aksakov stated that the forthcoming legislation aims to restrict non-Russian crypto operations to reinforce the ruble’s dominance."
Read more here: https://cryptobriefing.com/russia-crypto-ban-reinforce-ruble/
Though this is truly sad news, I would say that this development will not anymore have any impact with cryptocurrency in general as I think the market has had already discounted Russia and China years ago. Do you agree with me?
(https://ambcrypto.com/wp-content/uploads/2024/04/Russia-crypto-ban.jpeg)
Though this is truly sad news, I would say that this development will not anymore have any impact with cryptocurrency in general as I think the market has had already discounted Russia and China years ago. Do you agree with me?
(https://ambcrypto.com/wp-content/uploads/2024/04/Russia-crypto-ban.jpeg)
From inception, Russia is very strick with crypto ruling, they didn't give a green flag nor a red flag regarding it legality but any smart person will understand that this was coming, there are many crypto website that are restricted by Russians unless they used VPN, so this news is nothing new, the are just trying to set a rule that will permanently ban their citizens and any person that does otherwise will have to face the law from breaking it.