For a long time, Russia has firmly opposed the operations of private cryptocurrencies in the country. The Russian government has repeatedly stressed on the need to put an end to private cryptocurrency operations to prevent illegal activities like terror financing and money laundering.
Recently, Vladimir Chistyukhin, the Deputy Governor of the Bank of Russia, said that the country’s financial markets may soon see an end to cryptocurrency use. Right now, the Russian central bank is developing proposals for limiting cryptocurrency use in Russian financial markets.
The Russian government has plans of issuing its own Central Bank Digital Currency (CBDC) – a digital version of the Russian rouble. Chistyukhin said that the Russian central bank doesn’t see any room for cryptocurrencies in financial markets in Russia.
A few days ago, the Russian central bank raised its concerns regarding the potential effects of cryptocurrencies on the country’s financial stability. Crypto transactions in Russia were on the rise, and the Bank of Russia was quite clear that it wanted to see private cryptocurrencies banned. This led to the price of Bitcoin dropping drastically in Russia.
2021 has seen Bitcoin become legalized in El Salvador. However, in several other parts of the world, offensives have been launched by governments against cryptocurrencies. For instance, China moved swiftly in an effort to wipe out crypto mining from the country and came down hard on miners, who were forced to relocate to other countries. India has also taken an anti-crypto stance, and it’s set to table a bill that will see private cryptocurrencies banned