Russia, for this part of the world, is the pure example of communism that has never been abolished, but slightly rebranded and reshaped. Vladimir Putin is the model of a communist leader and there's not much differences between China and Russia in their approach towards governance.
I guess the only differences are in economy, and technology used for and against the people. It's boiling all over the media right now that the Central Bank of Russia is calling for a total ban on trading, mining and dealing with cryptocurrency.
It's just a proposal for now, worth mentioning being the fact that crypto payments are already forbidden in Russia, but knowing Russia and its communism flavor that smells from thousands of kilometers away, I wouldn't be surprised if the so called ex-communist country would "make the ban happen".
The bank, therefore, suggest Russia needs new laws and regulations that effectively ban any crypto-related activities in the country. In particular, cryptocurrency issuance and organization of its circulation in Russia must be banned. The ban should apply to exchanges, over-the-counter trading desks and peer-to-peer platforms. Russian institutional investors should not be allowed to invest in crypto assets and no Russian financial organizations or infrastructure should be used fro cryptocurrency transactions. And the existing ban on crypto payments should be more aggressively enforced.
But why, sir?
Isn't it obvious... They can't afford loosing control over the people's personal finances and they want to further enhance that, same as China. The discussions around a digital ruble are no longer headline news and the fear of the government towards the new type of money(cryptocurrency) being able to undermine the national currency of Russia makes perfect sense for the country to ban everything crypto related in the country and use the tech to create their own digital money.
There's a caveat to that. Russia is currently ranked 3rd in hash power after the US and Kazakhstan. Kazakhstan is no longer a crypto friendly country due to the conflicts over there and the miners are definitely searching for greener pastures. IF the law will come into place regarding the supposed ban miners activating in Russia will have to move.
America so far has proved to be more crypto friendly than all of the other countries mentioned in the post. We have governmental figures advocating crypto over there, mayors that are being paid in Bitcoin, senate candidates calling for crypto adoption and use and quite a decent percentage of the "Chinese crypto miner refugees" who have located themselves in North America.
Hence, I believe that if Russia will blanket ban crypto as well, much of the hashing power will move to the US considering the more friendly approach the Americans have towards crypto, and that's when America shall become the ultimate crypto tsar. Funny how China had it all in its hands, but blew it away and the US had basically nothing to do to attract miners and HODLers as well, but it seem to be doing so effortless.
Meanwhile Bukele and Erdoğan are meeting right now in El Salvador and we might have the Turkish president turning 180 degrees in his war with Bitcoin. Bukele seems to be quite persuasive when it comes to Bitcoin. The way I see it there's a segregation process currently happening in the world and we don't have all the cards on the table yet. I do believe though that the ones who will know how to play their cards right will benefit immensely from the use of blockchain technology.
Thanks for attention,
Initially Posted Using LeoFinance Beta