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Russia Is All Set To Ban Cryptocurrency Exchanges Nationwide

cryptocurrency,bitcoin

In recent times it had appeared as if Russia would take a pro cryptocurrency stance and build up a framework legalizing ICOs and cryptocurrencies.

With regards to cryptocurrencies, there are those nations that support it unequivocally and there are those that had gone so far as to ban them, and then there is Russia. Russia has never had a firm stance against or for cryptocurrencies, the official mindset swings constantly. The latest issue that has just added to the confusion is banning of cryptocurrency exchanges.

Sergei Shvetsov, The first deputy Governor of Russia’s Central Bank has said, “we think that for our citizens, for businesses the usage of such cryptocurrencies as an investment object carries unreasonably high risks. We cannot give direct and easy access to such dubious instruments for retail investors.” He made this statement at a financial event in Moscow.

In recent times it had appeared as if Russia would take a pro cryptocurrency stance and build up a framework legalizing ICOs and cryptocurrencies. There was even talk of setting up state subsidized cryptocurrency mining farms. Ministry of Finance recommended including cryptocurrency in the country’s Financial Literacy Strategy.

But the comments from Sergai Shvetsov and the failure of Russian regulators to come to a consensus regarding virtual currencies have thrown everything into chaos again, and there is a big question mark about the regulatory future of cryptocurrencies in Russia.

Just a month ago legalization of cryptocurrencies in Russia seemed like a real possibility, But on Tuesday the Russian President Vladimir Putin said that cryptocurrencies are used for crime such as money laundering, tax evasion or funding terror and as such is quite risky.

Cryptobond, LLC

Cryptobond, LLC is the publisher of Gusture – a Blockchain and Fintech news publication. Gusture was created to keep crypto communities informed on “what is happening in the Blockchain industry”.

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