Request to ban bitcoin use and mining in Russia!
Some of you already understand what I wanted to mean after reading the title of my article. Yes, this is true that bitcoin and the whole crypto market right now are facing problems from different countries to adopt it world wide. Months before when China banned full bitcoin use and mining , the market went super down , creating a hype that bitcoin may fall down to its previous year price. Because the crypto China community was kinda like big support to adopt crypto.
Anyway, after China now the biggest country in the world called Russia is going to ban bitcoin use and mining. In fact , they did it because of some reason. According to the news, the Russian governors said that Crypto is volatile and there is a huge chance that crypto can be scammed and people will lose their money within a second. Also crypto mostly time used to do illegal things. Also different whales of crypto from our country try to produce their huge amounts of money via crypto without any tax. This is one kind of problem with our economic growth.
So according to the news, the above mentioned point is the main reason why Russian authorities want to ban crypto . They have even requested the central bank authority of Russia to stop using bitcoin in their country and close all the transactions. Also they have mentioned that all kinds of crypto promotion will be delayed in their country and those who promote crypto may get some fine. But they said too that bank users will be able to store their crypto according to the bank rule.
Even the bank authority found out that per year in Russian up to 5 billion USD worth crypto used to do different things and trading is one of them . And they still think this is bad for their economy so they are putting strict laws on bitcoin mining . Even if any place starts to use bitcoin payment they will be strict to them and put a huge fine for this mistake. Even in the law they have mentioned that companies that tried to invest in crypto currency are already restricted from doing this and furthermore law will be adopted to let companies don't invest in crypto currency .
On the other hand, bitcoin mining or crypto mining increase at a high rate in russia. Even the news said that the government gave some facilities to the miner too for mining cryptocurrency. But recently they are going against this decision as they are facing and thinking that Crypto currency mining will lead them to face shortage of electric supply . As they know that to do crypto currency mining, usually miners need high voltage electricity. This is a problem for the country's electric supply.
This is why they said that to reduce the danger of shortage of electricity and the environment we should stop crypto currency mining.
After the news , Crypto currency mining CEO said that If the Russian government takes any action against Crypto currency mining , we may see another down in the crypto market and there will be another bad sign in the crypto market as like happened last year when China banned crypto currency mining . So they should think about it as most of the billionaire and crypto mining company owners will shift their place from Russia to another country for mining crypto.
At last, Binance said that We are ready to discuss about this issue with the Russian authority. Because crypto currency and blockchain is the future of this world. And we should not ignore about this but the more we will learn about it , the more facilities will be in our hand.