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Russia reportedly plans to ban crypto assets, which has caused quite the commotion in the country.
The recently proposed crypto ban by the authorities has drawn a lot of criticism from some of the biggest names in Russia. Some of the top names who have rejected the proposed crypto ban include Pavel Durov (Founder of Telegram) and Leonid Volkov (Alexei Navalny’s chief of staff).
There is a lot of unpredictability and volatility associated with the crypto space. However, it does not seem to negatively impact the significance of crypto assets, even though the crypto market is currently seeing price corrections.
Therefore, if you are interested in stepping into the crypto space and buying digital assets then make sure you choose a suitable platform from the top crypto exchanges list.
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Russia’s Crypto Ban Bill and the Opposition it Faces
A few days ago, the Central Bank in Russia proposed a blanket ban on domestic crypto mining and trading. The bank published a report with the crypto ban bill. The report discussed the risks of crypto and suggested that it can be highly risky for “emerging markets, including Russia.”
Even though stepping into the crypto space is risky, it also serves plenty of benefits, which is why the proposed crypto ban bill has not been accepted by every entity in the country.
Pavel Durov, the founder of Telegram, is openly in favor of crypto assets. In response to the ban bill, he stated that several high-tech economy sectors will be destroyed if the ban bill is approved.
Durov added:
“Such a ban will inevitably slow down the development of blockchain technologies in general. These technologies improve the efficiency and safety of many human activities, from finance to the arts.”
Durov does admit that regulating digital assets is important for financial authorities, however, according to him, banning crypto will not stop fraudsters. Instead, the ban will end “legal Russian projects in this area.”
There is a lot of conflict within the country regarding the crypto ban bill, however, Russia is not the only country that plans to take a hard stance against crypto.
Kazakhstan and Kosovo are among some of the neighboring countries of Russia that have recently banned crypto mining. However, Ukraine does not seem to be a part of the list as it reportedly passed a few laws in September 2021 to facilitate crypto adoption in the country.
What to Know as a Crypto Investor or Trader?
The crypto market is not moving with an upward momentum currently, with the prices of the top digital assets BTC and ETH plunging.
Over the last 24 hours:
- Bitcoin has dropped around 1.98% (at the time of writing)
- Ethereum has dropped 4.05% (at the time of writing)
- ADA has dropped 7.89% (at the time of writing)
Despite the price corrections if you are still interested in buying digital currencies then make sure you choose the lowest fees crypto exchanges.
To invest in cryptocurrencies such as Bitcoin and Ethereum, you can click on SwissBorg or Kraken (U.S. citizens).
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