Cryptocurrency Banned in Russia1 min read

Bitcoin

With the decision taken, the use of crypto money in Russia was formally banned. People using cryptocurrencies will be able to get a large number of fines and even imprisonment.

Penalties will be issued for those using cryptocurrencies in Russia

While cryptocurrencies continue to spread at full speed, some countries are at war with cryptocurrencies. In fact, this situation goes until the prohibition of cryptocurrencies.

Russia, which has been quite a distance from cryptocurrencies since the very beginning, has taken a very decisive step in this regard. In Russia, cryptocurrencies are now banned from using products or services in any way. Within the scope of the regulations, there are big penalties for those who use or buy crypto money in any way. In Russia, these people will now be imposed a heavy fine, and may even face up to 7 years in prison.

President of Russia Vlademir Putin played a critical role in this ban decision. Putin’s view of cryptocurrencies as crime magnets was the real reason behind the decision.

The Central Bank of Russia, on the other hand, has a very strict attitude towards digital currencies as well as for cryptocurrencies. In contrast, the blockchain technology behind cryptocurrencies is one of the focus points of Russia.

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