Will Russia be able to ban cryptocurrencies?


Russia's Central Bank and Russian officials had recently reviewed a draft law outlawing cryptocurrencies and Bitcoin (BTC). After studying the issue, officials at the Russian central bank appear to have realized that they could not realistically ban Bitcoin and other cryptocurrencies.

Although cryptocurrencies are not considered fully legal within Russia, they will no longer be in doubt of being banned, according to the new statement. The information quoted by the Russian-based news agency Interfax confirms this.

Are Cryptocurrencies Safe In Russia?

Cryptocurrencies have been facing a suspicion within Russia for almost years. In recent months, even the news that some investors ' bank accounts could be frozen due to the use of cryptocurrencies has been reflected in the agenda. In addition, payments with cryptocurrencies were also at risk of being banned on the grounds that it reduced the effectiveness of the Russian Ruble.

Alexei Guznov, head of the Russian Central Bank's legislation Department, admitted in a recent statement that it was technically impossible to ban cryptocurrencies. He said cryptocurrencies are being actively used for money laundering and illegal acts.

Russia in particular is a country where too many freelancers get paid with cryptocurrencies, and a ban on the use of cryptocurrencies here could have serious implications.