Russiahttps://findnextcrypto.com/russia-to-ban-cryptocurrencies/ is planning to ban cryptocurrencies in Russia. Russia’s central bank proposed banning the use and mining of cryptocurrencies on Russian territory. Russia is the world’s third-largest player in bitcoin mining. Russa legalize cryptocurrencies in 2020 but banned their use as a means of payment.
The Bank of Russia said crypto mining created problems for energy consumption as Russia is one of the largest crypto-miner in the world. Meanwhile, The central bank is planning to issue its own digital rouble. The proposed ban includes crypto exchanges too.
As the crypto market is down falling, it is interesting to see the impact of Russia’s ban ( If implemented) in the crypto world.
As far as I am aware, it is just a proposal from the Russian Central Bank. It has not yet made a law so nothing is there to panic just as yet. But as Russia is a communist country, there's a reason to worry as well. because communism wants full control on anything and everything. So it might be very much possible that Russia will ban all kind of crypto mining related activity in future. But I am sure they will provide an exit period for the institutional miners to move to other countries where the regulation are friendlier towards crypto mining. But it will have an impact on bitcoin market owing to the fact that Russia holds a lot of crypto mining facilities. But nothing is really permanent in the market so we will eventually overcome this.