Cryptocurrency

Bitcoin

On September 1, 2024, Russia enacted a comprehensive law restricting cryptocurrency transactions and mining, which could effectively ban all digital currency operations in the country. The new law grants the government, specifically Rosfinmonitoring or the Ministry of Finance, the authority to ban or limit any transactions involving digital currencies. This shift marks a significant move by the Russian government to exert control over the burgeoning cryptocurrency market.
The most striking aspect of this law is the potential for a complete ban on all cryptocurrency transactions. According to legal experts, this measure could allow the government to prohibit operations with specific cryptocurrencies, such as Bitcoin or Ethereum, or even enforce a blanket ban on all digital currencies in Russia. The implications of this law are profound, with the potential to disrupt the growing crypto market in the country.
The law's introduction reflects the Central Bank's long-standing desire to curb cryptocurrency use, citing concerns over financial stability and the risk of illicit activities. This move could lead to significant changes in how Russians interact with digital currencies, pushing the industry into a legal grey area and potentially driving operations underground.

Russia Implements Full Cryptocurrency Ban, Granting Government Sweeping Powers

Ultramining_Eng

Other articles published on Sep 3, 2024

Bitcoin Gains Market Dominance

Popcat Price Prediction: POPCAT Pumps 7%, But Investors Rush To Buy This Solana GameFi Token Befo...

BNB Chain Launches Cross-Chain Bridge with Celer, deBridge, and Stargate

QCP Capital Recommends October for Cryptocurrency Gains

‘Redtember’: Bitcoin Holds Steady Amid Labor Day Lull, Will it Drop Below $50,000?

What is Ondo Finance?

Join our free newsletter for daily crypto updates!