The central bank of Russia is allegedly considering a ban on all crypto activities, including transactions and mining. If this goes through, Russia will become the next in what appears to be a string of countries that have taken on very anti-crypto attitudes as of late.
Russia May Be Next to Ban Crypto
Prior to Russia is China, which announced over the summer that it was going to be ending all crypto and bitcoin mining projects within its borders as it worked to become more carbon neutral. This was a shock to everyone across the world as China ultimately housed as many as 65 to 75 percent of crypto mining projects. Nevertheless, the rules came by way of Beijing, and China appeared hellbent on getting rid of all the crypto housed on its turf.
However, things didn’t quite stop there. Once this was done, China announced that all crypto transactions would no longer be allowed either. Thus, all traders and people who purchased bitcoin and other forms of crypto had nowhere to go, and they had no companies that would house their assets. What was once a very prominent industry in China suddenly became null and void.
After China, Kosovo – a small country in Europe – announced that it was experiencing a slight energy crisis, and thus it was going to be ending all bitcoin and crypto mining projects. Kazakhstan – a country that is China’s western neighbor – has also put a temporary halt on crypto mining activity given that many miners from China were suddenly forced to find new places to go, and Kazakhstan seemed like a good place given that it was so close and offered cheap energy.
Sadly, the country is dealing with an energy crisis of its own, and as a result, a temporary ban on all crypto mining is presently in place.
Lastly is India, which hasn’t quite moved forward with a ban yet, though it’s unclear how much time traders have at this stage. India has had one of the most up and down relationships with crypto, given that four years ago, it was decided that crypto and blockchain businesses could not gain access to any sort of traditional financial tools, such as bank accounts. This lasted for about two years. However, the Supreme Court of India decided that this was an unconstitutional rule and reversed things.
What Will Happen with India?
From there, it looked like India was all set to become one of the biggest crypto havens in the world, but then it looked like Parliament was considering a full ban on crypto-related activities, including transactions and trades. Thus, if you were caught with crypto in your pocket, you were going to face fines and even prison time.
Now, it looks like the country is set on regulating crypto rather than getting rid of it, but Parliament has been slow in introducing the necessary bill.