Russia is also considering banning cryptocurrencies.

Greetings to all my dear and appreciated readers of this important platform, today I will share with you a very important news for the world of cryptocurrencies and that is that Russia joins the group of countries that have decided to restrict the use of cryptocurrencies in its territory, although unlike other countries the ban in some ways is less stringent because Russian citizens holding cryptocurrencies can not use them only in Russia and also will not be a crime to own them.

Recently the cryptocurrency market has suffered a considerable drop and although there are many reasons why the market is in the red, Russia's ban on the use of cryptocurrencies has been added to this, undoubtedly this is another hard blow to this market since in Russia there are many users who own cryptocurrencies. But it seems that the measures taken by the Russian central bank are not so rigid and has allowed individuals who own cryptocurrencies to continue to have them, but they must use them outside Russia.

The Russian monetary regulator has considered taking prohibition measures against cryptocurrencies throughout the territory, this information was released through a report by the Russian central bank last Thursday, where they propose the issuance, circulation, exchange and sale of cryptocurrencies, in addition to the organizations of these operations in Russian territory, no doubt these measures that Ruisa proposes are another hard blow that cryptocurrencies receive and they do so during a significant drop in its value in the market where the main cryptocurrency Bitcoin (BTC) lost more than 10. 000 dollars in two days.

Source

With these measures that Russia proposes, citizens who own cryptocurrencies will not be able to pay with cryptocurrencies any good or service, in addition they will not be able to transfer these digital assets, people who violate this measure will not go to jail, but they will have to pay high fines for violating it, also financial institutions that make life in that country may not have investors who use cryptocurrencies or simply use financial instruments related to them. The reason why Russia decides to propose restrictions on cryptocurrencies is due to the anonymity of their operations.

Given all this uncertainty that Russian cryptocurrency users have due to this controversial restriction that is being implemented on cryptocurrencies, they have decided to reject these measures claiming that they are unjustified and that, although there are illegal operations that some users perform, the vast majority do it in a transparent manner and they are the ones who are more affected than this prohibition that is proposed to be initiated by the Russian Central Bank. Undoubtedly, this situation is another hard blow to cryptocurrencies as Russia is one of the most economically solid countries that could boost this market and further strengthen its economy.