Russia announces they will regulate Bitcoin and Crypto as Currency, great news! Or is it?!
The Crypto Community is running with the idea that Bitcoin will become legal currency in Russia, but will it?.
From banning bitcoin to making it a legal currency, things have come full circle in Russia, or have they?
A month or so ago rumors were circulating that Russia was going to ban bitcoin/crypto and kick out the bitcoin miners.
Now, they are saying not only are they not cracking down on miners, they are going to regulate the space and label it a currency.
At least that is what is coming out of crypto news sites:
Check it out:
Though digging a bit deeper it doesn't sound like it's the good news everyone seems to think.
I don't speak Russian but by using a translator it sounds like they are trying to bring crypto into the light
Where people can only transact through banks, using heavy KYC on all wallets and transactions.
Using crypto outside of the financial system will be deemed illegal.
What many are saying is massively good news, may not be quite what it seems...
What was your interpretation of the news?
They, just as the European Union, realise that they cannot stop crypto, so they try to bring it in under their control and surveillance instead. That,however, defies the purpose of crypto.