Russian Central Bank Admits It Cannot Prohibit Bitcoin


A few days ago, the head of the same legal department of the Russian Central Bank Alexey Guznov said that soon the law adopted on digital financial assets would be amended and the circulation of cryptocurrency in Russia would be banned, except for safekeeping.

Punishment will be applied to violators. Therefore, it is too early to rejoice or be upset. Senior officials' information about cryptocurrency is very contradictory so it is difficult to comment on anything. One thing is clear: the Russian government does not want to legalize cryptocurrency and allow its citizens to use it freely. We must expect the proper application of the law.

The director of the legal department of the Bank of Russia has acknowledged that Bitcoin and other cryptocurrencies cannot realistically be banned in the country.

Although cryptocurrency is not completely legal in Russia, it looks like it will also never be banned. That's the latest news from the Russian government.

The director of the legal department of the Bank of Russia has acknowledged that Bitcoin and other cryptocurrencies cannot realistically be banned in the country.

Although cryptocurrency is not completely legal in Russia, it looks like it will also never be banned. [Interfax] That's the latest news from the Russian government.

Secure Cryptocurrency in Russia?

Cryptocurrency has faced a confusing and difficult legal situation in Russia for some time now. Last month, it was reported that several bank accounts related to cryptocurrency could be frozen in the country. Cryptocurrency payments have also come under fire for damaging Russian rubles.

The Russian Central Bank has repeatedly supported the ban and remains firm against Bitcoin. However, it seems that establishing such dictation has proved impossible - and the Russian government has admitted this recently.

As recently reported director of the legal department of the Bank of Russia, Alexei Guznov, said that the ban was not possible. However, he said that cryptocurrency is being actively used for money laundering and illegal activities.

He also stressed that cryptocurrency is "not money." However, Bitcoin spending cannot be stopped and he said that "we cannot possibly limit this."

Russia likes Cryptocurrency

There is no denying that cryptocurrency remains very popular in Russia. However, opposition from the government is strange considering how entangled they themselves are in the world of cryptocurrency.

Last year, it was revealed by a large Bitcoin mining field owned by aides of President Putin. The Russian State has also sought to create a financial center on the border between Russia and China, specifically for cryptocurrency trading.

So, it seems that the Russian state is more than willing to exploit cryptocurrency for its own purposes but wants to prevent its people from doing that. The good news is that now they have recognized that they cannot ban cryptocurrency in this country - but this tacit admission still puts the industry at serious risk there. However, this is good news for those who fear Bitcoin might be blocked. These fears can now be rested.

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