Russia’s Central Bank “Supports” Efforts to Bar Russians from Accessing Crypto

Russia’s central bank has reportedly become the first of its kind to officially “support” efforts by the government to block access for all Russians from cryptocurrencies. With Russia becoming increasingly more hostile towards cryptocurrency, this announcement could impact global sentiment and market sentiment.

The “future of crypto gaming” is a recent article that discusses the efforts of Russia’s Central Bank to bar Russians from accessing crypto. The article also talks about how this could affect the future of crypto games.

Even as BTC/RUB volumes set a record high, the Central Banks of Russia and Ukraine want Russians to be barred from accessing cryptocurrencies. The pressure on major cryptocurrency exchanges to exclude Russian consumers has persisted.

Even as world worries grow that Russia may utilize cryptocurrencies to circumvent rising economic sanctions, the Central Bank of Russia (CBR) has maintained its stance that Russians should avoid them.

The CBR’s anti-crypto attitude makes it an unexpected partner of Ukraine, which has called for sabotage of regular Russians’ access to crypto assets as a result of the two nations’ continuing conflict. The majority of Ukraine’s European partners are likewise concerned that Russia may utilize crypto to circumvent Western sanctions.

I’m requesting that all major cryptocurrency exchanges restrict Russian users’ addresses.

It’s critical to disrupt regular users as well as the addresses associated to Russian and Belarusian leaders.

February 27, 2022 — Mykhailo Fedorov (@FedorovMykhailo)

A way for regular Russians to get some foreign currency.

Since Vladimir Putin’s regime invaded Ukraine about two weeks ago, the Russian Rouble has been in free decline for a variety of reasons. Apart from the government’s self-inflicted penalties on its citizens, NATO allies and financial institutions have implemented economic sanctions on Russia. In retribution for the invasion, the European Union recently revealed that many Russian banks had been banned off of SWIFT.

The direct effect of the sanctions is the risk that Russians would see their assets and savings tanking in value. The cryptocurrency market is seen as A way for regular Russians to get some foreign currency. in the form of Bitcoin or some select stablecoins pegged on the U.S. dollar. However, it is ironic that among the greatest proponents of preventing ordinary Russians and financial institutions from accessing cryptocurrencies is the Central Bank of Russia.

Russia’s adoption of cryptocurrencies has been a source of concern.

According to a report by the local news site tass.ru, the CBR has maintained its stance on proposing a ban on cryptocurrency mining, issuance, and circulation in Russia. A CBR official was reported by the media outlet as saying:

“At this time, the Central Bank upholds the previously declared and publicized stance on the official website. As a result, there is nothing new to say today.”

The ongoing conflict in Eastern Europe has seen NATO and its allies turn to sanctions to make the Russian president rethink his Ukrainian invasion. However, the countries have had Russia’s adoption of cryptocurrencies has been a source of concern. since the financial sanctions did not cover cryptocurrencies. However, cryptocurrency exchanges like Coinbase, Binance, and Kraken have said they cannot comply with the request to block Russian users.

The “cardano problems” is a problem that has been present for a while. Russia’s Central Bank supports the efforts to bar Russians from accessing crypto.