In Brief
- Russia bans non-Russian crypto, effective Sept 1, exempts miners.
- It aims to strengthen ruble, control crypto amidst geopolitical tensions.
- Debate persists; Finance Minister of Russia advocates regulated use.
Starting September 1, Russia will enforce a strict ban on the general circulation of crypto assets such as Bitcoin. Only digital financial assets issued within its jurisdiction will be allowed.
Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, leads this initiative. It is part of a broader governmental effort to control the crypto ecosystem amid rising geopolitical tensions.
Why Russia Wants to Ban Crypto?
Aksakov stated that the forthcoming legislation aims to restrict non-Russian crypto operations to reinforce the ruble’s dominance.
What, EXACTLY, does this mean? What do they mean by “ban”, “general circulation”, etc …. as a practical matter what does this mean? It’s a crime to have an account? A wallet? How do they police it?
I want details.
if people loose confidence in the ruble, they will buy btc as a way to hedge against the value of the ruble dropping. Also btc is paired with USD. So russian people loose confidence in their money, their money devalues and the dollar strengthens..
Bans it for everyone except the Kremlin. Doesn’t bode well for the ruble.
At least Russia can then claim they are no longer disbarred from EU and US crypto transactions — Russia can just say they banned it themselves.
Putin is a joke.
He has made Russia Chinas lapdog.
Russia can now only survive because China buys their oil and gas (at a nice discount) and pays for it with Yuan.
China does not like BTC and Putin must now obey China by enforcing this ban on use of BTC by Russian people…and to prop up the joke that is the Ruble.
Putin is a joke.
Russias entire networth is less than shibcoin marketcap we will be fine.