Russia is deciding whether to ban crypto or to legalize it. The country’s authorities will reach a decision in 2022, and it will be a vital one for the entire crypto industry. As of now, the only place where crypto is banned is China. And honestly, it doesn’t matter that much because half the things are banned in that country, like Google services, all popular global apps, and there is a lot of censorship as well. This is not the case with Russia, and a recent survey even found that Russians have a strong liking for crypto investments.
Russia’s important decision on crypto
Like all central banks, the one in Russia also thinks that the best thing to do will be to ban crypto. And this is due to the rising concern that as crypto becomes larger, it might cause financial instability. Even the Russian President said that cryptocurrencies have high risks, and therefore, Russia is considering banning them as an option. But, yes, like every coin, there are also two sides to this.
The Chairman of the Duma Committee of Financial Markets, Anatoly Aksakov said it is not easy to completely prohibit cryptocurrencies. The much easier way would be to legalize exchanges and bring everything under the regulatory limelight. This will help the authorities to keep a clear eye on everything and make sure that they are able to tax such transactions. In fact, he also supports cryptocurrency mining regulations in the country. This is because crypto mining within itself is an opportunity for an entirely new industry to flourish in the country. It can help boost the economy and create more jobs.
Why banning crypto would be a mistake?
Cryptocurrencies are in a very nascent stage right now. The adoption is very low, and the technology is still developing at a rapid pace. This is the time when governments should come forward and try to contribute to the industry. In fact, the countries that do so will have the upper hand and won’t be left behind in this race of technology.
What are your thoughts as Russia is deciding whether to ban crypto or to legalize exchanges? And what do you think will be their decision? Let us know in the comments below. I personally think they won’t ban crypto. If you found our content informative, do like and share it with your friends.