Russia Wants A Total Ban On Cryptocurrency

Cryptocurrency Ban in Russia πŸš«πŸ’± Russia plans to "completely ban" the internal circulation of cryptocurrencies, as stated by Anton Tkachev, the deputy head of a key committee.

Limitations for Ordinary Citizens πŸšΆπŸ’Ό Regular Russians will soon be restricted from using cryptocurrencies for local purchases. The timeline for this change is yet to be confirmed.

Exceptions for Businesses πŸ’πŸ’Ή Russian businesses, however, may continue crypto transactions. This is especially significant due to Western sanctions linked to Ukraine, which have isolated Russia from the Western financial ecosystem.

Cross-border Payment System πŸŒπŸ’³ The country's central bank and the Ministry of Industry and Trade are beta-testing a tool for cross-border payments, expecting a rollout in the upcoming months.

Digital Ruble Advantages πŸ‡·πŸ‡ΊπŸ’° The digital ruble, currently limited to domestic use, offers the advantage of transactional autonomy, bypassing intermediary financial bodies, which is crucial during international sanctions.

Crypto vs. Sanctions πŸ›‘οΈπŸ’± Companies trading with cryptocurrencies face less sanction pressure, as tracing these payments becomes notably more challenging

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