Ban on Crypto Trading

Russian Parliament to Impose Ban on Crypto Trading

The State Duma, which is the Russian Parliamentary body may soon put a ban on crypto trading. Anatoly Aksakov, the chairman of the State Duma Committee mentions in an interview that mining, issuing, circulating or trading of crypto will be prohibited. There will be issuing of fine for anyone caught meddling with cryptocurrencies. He further says that cryptocurrencies are illegitimate tools.

Mr. Aksakov assures that in spite of the ban people can own crypto if it comes under foreign law. People can acquire digital money at foreign exchange points.

Though Russia is against crypto, it is embracing the blockchain technology quite cordially. Recently, the national supermarket chain Dixy announced blockchain system for trade finance. The Yugra region of Russia will initiate a blockchain tourism platform.

Russia is not the one nation that is voicing an opinion against cryptocurrencies. India is always on the news for its staunch stand against cryptocurrencies. Apparently, the Indian government may pass a bill to impose an outright ban on crypto trading. The major reason for the ban is usually money laundering and illegal fundings. Though there are other regions where regulations have been set for controlled usage of cryptocurrencies.