For a long time, Russia has stayed in the limelight when it comes to crypto. The finance ministry has been undecided on whether to incorporate crypto payments or not. But today, Putin put an end to the argument by signing the Russian crypto ban order.
Russia’s Stance on Crypto Payments after Putin Signs
As Russia has one of the world’s largest energy reserves, it is considered to be a heaven for Bitcoin and other Proof of Work (PoW) currencies like Ethereum.
However, the Russian government headed by Vladimir Putin has clarified its stance on cryptocurrencies, taking down the hopes of crypto lovers all over the world.
Vladimir Putin signed a national ban order on cryptocurrencies in Russia. According to the new law, accepting or transferring digital financial assets for goods is prohibited.
Big crypto companies such as Coinbase and Binance have already limited Russian exchanges in compliance with the order by E.U. and U.S. laws.
The ban comes as a surprise to some who were buoyed by the Russian Finance Minister’s comments that it will be ‘necessary to allow the development of cryptocurrency.
Even Putin was enthusiastic about Bitcoin mining during the month of January. He raved about Russia’s advantage in terms of higher electricity reserves than any other place in the world.
Russia’s crypto ban is unfortunate news for the hopeful community. However, the Russian stance keeps on changing based on its propaganda, so we never know if this ban will stay or get amended in some way, shape, or form in the near future. Despite the ban, currently, cryptocurrencies are holding steady. At the time of writing, the Proof of Work (PoW) cryptocurrency Bitcoin is trading at $20,521.10, and its closest rival Ethereum is valued at $1,197.45