Russia Takes A Negative Stand On Cryptocurrency

Share post:

The Central Bank of Russia has proposed banning the mining and use of cryptocurrencies in Russia.

Reasons cited include calling it a Ponzi scheme that is too volatile to make legitimate investments, an instrument used by criminals, a threat to Russian financial sovereignty, and that it could disrupt Russia’s energy supply while harming the environment.

Russia is currently the third-largest bitcoin producer after the U.S. and Kazakhstan, so a total ban on cryptocurrencies could have ripple effects on the country and the virtual coins.

The move to ban cryptocurrencies has not gone down well with technology leaders and even a finance minister who says a total ban is a bad idea.

According to Ivan Chebeskov, director of the Russian Finance Ministry’s policy department, a total ban would result in the country missing an opportunity for high-tech innovation.

“The world has become very virtualized, and I don’t think we can allow ourselves to just take a high-tech industry and ban it … . We don’t want these technologies to leave the country; they should absolutely be developed inside [Russia],” Chebeskov said.

For more information, read the original story in TechRepublic.

Featured Tech Jobs


Related articles

Polygon launches database to show crypto value

Polygon, an Ethereum Layer 2 scaling solution, has developed a database known as The Value Prop to show...

Nvidia’s CTO says cryptocurrency is “useless” for society

Nvidia has declared that cryptocurrencies offer "nothing useful for society", despite its powerful processors selling in vast quantities...

Crypto winter presents difficulties for Bitcoin ATM operators

The cryptocurrency market has been experiencing a significant downturn, also known as "crypto winter," and operators of bitcoin...

New FTX CEO plans to revive bankrupt FTX

The bankrupt cryptocurrency exchange FTX is considering resuming operations, according to Chief Executive Officer John Ray. Mr. Ray stated...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways