Bank of Russia showing strict stances on crypto despite financial sanctions

It seems that Ukraine found its Russian supporter against Russia to prohibit Russia from bypassing the imposed financial sanctions of the EU & the US.

Today is the 10th day of Russia vs Ukraine fight. Russian reports are claiming the Ukraine president left his country on the other hand Ukraine media reports are claiming that all are only wrong news to create fear in the mind of Ukrainian citizens. In this situation, new sanctions are coming from the supportive countries of Ukraine against Russia.

A few days ago, Ukrainian Government officials urged all the crypto exchanges to ban and prohibit the crypto addresses belonging to Russian locations. 

In this situation majority of the crypto exchanges denied following the order of Ukraine because exchanges believe that restrictions on the innocent crypto users will be the wrong decision, however, legal orders will surely bring restrictions on the crypto exchanges but surely it will depend upon the legal orders and rules of the native country of Exchanges and also legal order of Russia. 

On 3 March a local Russian media platform tass.ru reported that the Central Bank of Russia is showing negative stances on the crypto industry even under these situations where the country needed crypto support at a significant level. Bank wants to ban the issuance, mining, and circulation of digital assets in the Russian Federation. 

“The Central Bank currently supports the position that was previously announced and published on the official website. Therefore, there is nothing to add today.” Bank officially stated

These things are showing that all the speculation made on Russia to bypass the imposed financial sanctions with crypto was wrong because here country’s central bank personally doesn’t want to use crypto to save the financial economy from any threat. 

Few experts noted that under this situation there are chances that the government of Russia and the Ministry of finance may take a more positive decision on crypto because under the financial sanctions Russia has only crypto as the best option to some extent, otherwise country will go through third party countries based payment system, that may lead huge transaction charges. 

At the beginning of this week, Arcane Research published its report on Russia and noted that users are buying crypto-assets rapidly; that never happened before at this level. And also the devaluation of the Russian fiat Ruble is going on.

Bank of Russia showing strict stances on crypto despite financial sanctions 1

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