The Director of the Bank of Russias legal department has admitted that Bitcoin and other cryptocurrencies cannot realistically ever be banned in the country.
Although cryptocurrencies are not exactly legal in Russia, it seems like they wont ever be banned, either. Thats the latest news from the Russian government. Although Russia has a love hate relationship with crypto and bitcoin, what do you think about this admission? I think personally no bank can control it, but they don't admit it.
What do you think about this? If you want to read the full article, you can click on the link below
https://beincrypto.com/russian-central-bank-admits-it-cant-ban-bitcoin/ This is due to their inability to control transactions from fiat money to this decentralized market. No one can detect you transferring millions of dollars from one wallet to another. That is also the advantage and disadvantage of Blockchain when all information is not transparent. Besides, the cost of setting up a network to control transactions in decentralized markets takes a lot of money and effort. That's why they can't do anything and just advise people not to participate in the crypto market.