Russia Acknowledges That It’s Impossible To Ban Bitcoin

The Russian Minister of Finance Anton Siluanov has finally commented on the potential regulation of the crypto markets, and his comments look bullish for the industry.

It Is Impossible To Ban Crypto

Commenting on the recent discussion between the Ministry of Finance and the Russian Central Bank, which wants to ban crypto, Siluanov said that a crypto ban is similar to an internet ban, which is impossible.

He noted that the risks highlighted by the Russian Central Bank were real, but regulation was the preferred option compared to a blanket ban.

He also added that Russia needs to create a legal framework for crypto mining in order to tax this business. At this point, it looks that Russia may be ready to attract some miners from Kazakhstan, which is ready for a tenfold increase in the crypto mining tax.

Russia Is Not Ready To Follow China’s Path

China is the only major country that managed to ban cryptocurrencies, and the crypto market has successfully survived this ban. Russia is not ready to follow China’s steps, which is bullish for Bitcoin, Ethereum and other cryptocurrencies as the country’s citizens are material contributors to the crypto community both as buyers and as developers.

The recent discussion between the Russian Central Bank and other officials also shows that the crypto market has become too big to ignore , and even the countries which prefer to have a tight grip on their financial system have to acknowledge the fact that crypto is here to stay.

In the short-term, news from Russia should not have a major impact on the crypto market which is currently focused on general risk sentiment. The total crypto market cap faced resistance near the $2 trillion level, and it will need to settle above this level to gain additional upside momentum. In the longer term, the recent developments in Russia are certainly bullish for cryptocurrencies.