Digital Assets Regulation Bill Set To Outlaw Cryptocurrency In Russia

Digital Assets Regulation Bill Set To Outlaw Cryptocurrency In Russia

  • The new draft bill on digital financial assets defines cryptocurrency, However, prohibits its usage in Russia to pay for goods and services.
  • The Russian government has officially stated that the criminal law will protect the domestic currency, Ruble.
  • Per Russian officials, the decentralized feature of digital currencies makes it difficult to regulate them on a large scale.

During these difficult times, governments and various agencies are planning to launch their cryptocurrencies. Additionally, the third generation of digital currencies is also on the rise. Per Reports, The new draft bill on digital financial assets defines cryptocurrency, However, prohibits its usage in Russia to pay for goods and services. Despite strict laws already in place, the growing number of crypto exchanges and P2P trades are frightening the Putin-led government.

Strange World To Regulate The Internet

Scrutiny around the world has increased in terms of the sale, buy, or storage of cryptocurrencies. Furthermore, the Russian government has officially stated that the criminal law will protect the domestic currency, Ruble. They would not like that to happen and plan to bring in various laws along with the Bank of Russia. The decentralized feature and regular peer-to-peer exchange of digital currencies make it difficult to regulate them on a large scale.

Vladimir Putin has previously stated that activities like money-laundering and human trafficking could be easily exploited with the help of cryptocurrencies.

Lastly, the very purpose of blockchain technology is defeated if strict regulation is present. Similarly, bitcoin prices in the US tumbled as the exchanges now have to register themselves with the SEC.

Cryptocurrency Is No Substitute To Fiat Currency 

The Russian government is fair enough to not allow digital currency to be used as a means of exchange and storage of value within the country. However, the country topped the list for the highest trade volume consecutively for two months ending May 2020. Investors feel that the government has failed them with the latest regulation bill. They feel it is not a development for the investors to rejoice as it forecasts a bleak financial future.

A lot of Russian investors believe that cryptocurrency has a bright future only if the government puts out a helping hand. Digital currency investors have found their way out with regular returns. The technology is complex to understand for many traditional investors but the missed opportunity would hurt a lot in the long run. The developing financial technology around the world has gathered more eyeballs to benefit from what it has to offer.

  • Bitcoin
  • Ethereum
  • Litecoin
  • Zcash
Scan to Donate Bitcoin to bc1qcc3xajxvdqjnx2f7j7sfcfun7jagr0nh94fa2e

Donate Bitcoin to this address

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0x704671D7591d05Dd0790E86Aee964558E9347b07

Donate Ethereum to this address

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Litecoin to ltc1q7tj9ydra9ylkelu42vypp6cu2v0msf5lc2p5mq

Donate Litecoin to this address

Scan the QR code or copy the address below into your wallet to send some Litecoin

Scan to Donate Zcash to t1LiPaQ7gsSL23FbjXswpSoguP6yAE1xj5B

Donate Zcash to this address

Scan the QR code or copy the address below into your wallet to send some Zcash

 70 Interactions,  2 today

Crypto & Finance News