May 18, 2022
Russia's Central Bank Proposes Banning Cryptocurrencies In The Country: Analyst Reveals Its Impact

Russia’s Central Bank Proposes Banning Cryptocurrencies In The Country: Analyst Reveals Its Impact

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China, Central Bank, Federal Reserve (Fed), USA, Central Bank of Russia, Europe, Russia, Sputnik, Federal Reserve, Bitcoin, Cryptocurrencies

According to the co-founder and COO of cryptocurrency portal Coingecko, even if Russia loses tax revenue from cryptocurrency mining, the industry will continue to operate in the rest of the world.

Ban on cryptocurrency In Russia, proposed by the country’s central bank, it could affect its value, but not so much compared to other major markets, believes Bobby Ong, co-founder and COO of crypto portal Coingecko.

Bitcoin price [bitcoin] It is largely dictated by macro moves these days, especially Fed decisions [Reserva Federal, banco central] from the United States of America. Ong told Sputnik that the ban in Russia may affect the price, but perhaps not to the same extent compared to the ban in China or the United States.

He noted that cryptocurrencies will continue to advance globally outside of Russia.

Russia will lose as companies and talents will have to move out of the country, Depriving the country of tax revenue‘ commented the analyst.

In the view of co-founder Coingecko, the future of the sector in Russia will depend on the details of the eventual ban or restriction, with Bobby Ong using the example of China, which has banned cryptocurrencies several times, but with each successive ban “getting more and more cumbersome.”

“The recent ban in China has effectively shut down cryptocurrencies for most retail users, and also removed the crypto-mining industry from China. Previous bans in Beijing weren’t strict – exchanges can still operate and miners still operate freely,” he explained.

In response to the proposal from the Central Bank of Russia, Binance, the largest cryptocurrency exchange, stated Be ready for dialogue with Russia Around Proposed organization of the sector. A spokesperson for the service said it is ready to discuss the interests of good Russian crypto users, adding that it takes compliance obligations seriously and is committed to working with regulators to create policies that protect users, encourage innovation and move the industry forward. .

With a high degree of risk, the Central Bank of Russia calls for a ban on cryptocurrency mining
Thursday (20) the Central Bank of Russia published A report in which he referred to several proposals for regulating cryptocurrencies in the country, among them banning the use of the infrastructure of the national financial market in any operations using cryptocurrencies. In addition, the organization wants to ban the issuance and regulation of cryptocurrency trading and exchange in Russia, as well as mining.