Russian Central Bank Announces Ban on Cryptocurrency Mining

Russia has argued for years that cryptocurrencies can be used for financial transactions or financial fraud. Finally, however, the Russian government approved cryptocurrency in 2020 but restricted its use as a form of payment. And it was only on January 20 that the Central Bank of Russia announced a law prohibiting the use and mining of digital cryptocurrencies on Russian territory because it could affect financial security, public health tests and administration of financial policies.

Russian Central Bank Announces Ban on Cryptocurrency Mining

According to the Central Bank of the Russian Federation, Russians are the biggest users of cryptocurrencies with an annual turnover of around $5 billion. Russia is also the third largest Bitcoin mining country in the world after the United States and Kazakhstan. The "localization" of Bitcoin is on the rise as more and more global markets have restricted the mining industry. If you can't find a legal and legal address, crypto digital currency is just a game of financial numbers.