Currently, there are no specific regulations around cryptocurrencies in Russia. However, the Central Bank of Russia has voiced its support to ban all cryptocurrencies in the country in the past. According to local reports, the central bank has admitted that it is realistically impossible to ban bitcoin and cryptocurrencies.
The central bank admits cryptocurrencies cant be banned.
The Director of the Bank of Russia’s legal department, Alexei Guznov, said that a ban on bitcoin and cryptocurrencies is simply impossible. However, the central bank has repeatedly come out in support of the ban on cryptocurrencies. Currently, there are no specific laws to regulate cryptocurrencies in the country. Alexei Guznov further said that cryptocurrencies are being actively used for money laundering and illegal activities.
Bitcoin likely to drop further in short-term
The leading cryptocurrency bitcoin is currently trading at $6,660, up 22.4% in the last 24 hours. But experts believe that bitcoin is likely to drop further in the short-term before it gains a positive momentum amid the global pandemic. Bitcoin has risen quite substantially since it fell to historic lows last week. The fall in the price of bitcoin coincided with a drop in the financial markets all over the world. Dow Jones witnessed one of its worst days since 1987 the day bitcoin dropped to as low as $3,600.