The proposal of Russia’s ban on crypto-assets is now getting more heat, with the provisions to impose an instant ban on crypto mining.
Russia is a non-crypto-friendly country. Right now crypto trading is legal in the Russian Federation but the use of crypto assets for payment purposes is banned, as per the 2020 guidelines of Russia.
Crypto trading is legal but the last couple of months were not better for the Russian crypto community because the Russian Central Bank is planning to impose a blanket ban on the crypto industry.
Last month, the Central Bank of Russia proposed a blanket ban on the crypto industry. However, all things took place internally without any official announcement by any of the government authorities. When few internal reports noted this effort of the Bank of Russia then few Russian officials confirmed that the Bank of Russia is planning its report to bring a ban on the crypto industry.
Now as per available reports on Thursday, the Bank of Russia will proceed with its report to ban the crypto industry.
Perhaps the Bank of Russia is working to bring ban legislation on the crypto industry but in this initial stage, the Bank is planning to impose an immediate ban on crypto/Bitcoin mining to fight against environmental issues.
Right now, Russia is responsible for contributing a 10% hash rate to the Bitcoin network. And if it will happen then surely it will put a very big negative impact on the price of Bitcoin and also on the whole crypto industry.
Recently an internet outage situation in Kazakhstan resulted in an overall plunge in the Bitcoin network hash rate by more than 18%.
At the time of writing this article, the price of Bitcoin is $38,800 and this price of Bitcoin is 7.5% down over the last 24 hours. This is clearly showing that the market is not only in fear of a huge dump but also tensed because of such news, which is planning to put a direct negative impact on the price of crypto assets.