Russia: Banning cryptocurrencies will bring the blockchain industry to a standstill

On January 29, the Russian Ministry of Digital Development recently stated that many international projects in the field of cryptocurrencies originated in Russia, and the technology they used was not limited to the financial field. The head of the ministry, Maksut Shadayev, said that the Russian Central Bank’s earlier initiative to ban the use of Russian infrastructure for the circulation of cryptocurrencies would bring the Russian blockchain solutions industry to a standstill. Any regulatory restrictions in this regard will lead to an exodus of professional experts to other countries. Following the release of the central bank report, the Treasury Department advocated market regulation, not a ban. Russian President Vladimir Putin instructed the government and central bank to reach a common position. It is reported that President Vladimir Putin had earlier rejected the central bank’s proposal and backed the mining of cryptocurrencies in areas with excess electricity.