Russia thinks that banning Cryptocurrencies is like banning the internet

A few weeks back we had a huge fall in the price of cryptocurrencies and I was wondering what could have been the reason. Some people said that Russia banning or regulating cryptocurrencies could have been the real reason behind that. The Bank of Russia wanted to ban cryptocurrencies but it looks like the thoughts of the Finance Minister are against it.

Russian Finance Minister Anton Siluanov said Wednesday that banning crypto in Russia would be like "banning the internet."

The discussion about banning cryptocurrencies is happening in many places across the world. But the biggest problem is that the governments don't understand that it is not fully under their control and another problem is that they are also controlling the future developments the technology can bring to people. Some countries have not recognized that yet.

Source

Crypto banning and regulating has become a point of discussion in multiple countries. Many countries have also been exploring ways to make use of this technology and develop. Recently India also came up with the thought to add more regulations to crypto instead of creating just bans. There is a 30% tax in India for cryptocurrencies or crypto-based earnings. But other regulations are still not clear. People think that this is a welcome move because we at least know for a fact that it is not a full ban in India.

The fact is agreeable that cryptocurrencies come with risk and a possibility to alter the financial situation in the country. But what the governments and the other authorities are not understanding is the fact that banning will not be a solution but regulating cryptocurrencies can safeguard the country's financial situation to a great extent. If the government and the ruling body are clear on what to expect from cryptocurrenices, it will also be easy for the people to abide by those regulations and keep their hands clean.

The Russian Finance Minister has understood it right that banning cryptocurrencies in Russia would be like banning the internet itself. The reason is that as long as the internet is available, people will be able to trade and deal with cryptocurrencies. All these countries and governments can regulate only one thing which is the conversion happening to the FIAT. For some developing nations, if it is properly regulated, it brings enough opportunities to grow among the other big countries in the world. If cryptocurrenices have to be banned the country should come up with a private internet which very limited facility to communicate across the world. As long as the internet stays open, the digital assets inside the internet world will also be accessible for individuals.

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