Russian central bank takes action against Bitcoin and would support a ban

On November 29, Russia’s central bank cracked down on Bitcoin, claiming that its local ruble should be the country’s only legal tender.

Although nothing has been set in stone yet, due to the risky nature of cryptocurrencies, the central bank is poised to ban the purchase of goods and services with Bitcoin. According to the Russian news publication RIA Novosti, the bank had said the following translated from Russian:

“The ruble is the only legal tender in the Russian Federation. We continue to believe that cryptocurrencies involve considerable risks, including in the area of ​​laundering the proceeds from crime and terrorist financing, as well as in the execution of foreign exchange transactions due to strong exchange rate fluctuations. “

BeInCrypto recently reported on the fact that Russia could soon ban all payments in cryptocurrency, but now we have actual confirmation that they would support any legislative decision on the matter. Nevertheless, not only Bitcoin, but the entire cryptocurrency industry in Russia is in legal limbo. There is currently no really clear regulation for mining or ICOs.

Of course, Russia isn’t the only place that isn’t a fan of cryptocurrencies like Bitcoin. As of now, countries like China are pretty much against Bitcoin, despite being fans of the underlying blockchain technology. India is following in their footsteps, which may also oppose the world’s first cryptocurrency in favor of the technology behind it.

Interestingly, however, BeInCrypto recently reported on the Bank of Russia’s interest in stablecoins. As a result, the country is keen to research others who have, and will continue to implement, a type of digital currency that is more centralized than Bitcoin. On the educational side, the St. Petersburg State University of Russia recently started a blockchain course on the NEO project.

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