In as much as we love our digital currencies and will like more countries to follow in suit of El Salvador adopting it as the countries legal tender, even Oceania country like Republic of Palau which have never had its own currency or a central bank has already set plans in motion to be the first country to issue a government backed coin as it's currency, and even my own country, Nigeria has unbanned Twitter, easing the use of Binance in the country. We also don't fail to see some countries shunning eye to digital currency as well.
Since the inception of cryptocurrency, the benefits has always outweighed it's effect, making transactions easier, people attaining a level of freedom and independency for themselves.
Differing notions of individuals and countries based on their judgement of cryptocurrency have always been in existence since the inception the digital currency, some and almost all to benefit themselves without even thinking about the bright side but rather putting a blind eye to all it's goodness.
Russia is the world's third largest crypto mining country after the United States of America and Kazakhstan.
Russia Central Bank has been in about banning cryptocurrency for a while now but it seems their decision has hit a deadlock where they'd be taking it quite seriously.
Source
Initially, the Russian government wanted to stop financial institutions like banks from any Crypto related transactions but today, the story is different.
Russia is banning cryptocurrency and crypto mining entirely in the country based on it causing financial instability, affecting its citizens wellbeing and affecting the country's monetary policy.
These are all familiar moves that have been seen in the past just for the government to put a haul in cryptocurrency in countries.
According to a post by CNBC, Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. It eventually gave them legal status in 2020 but banned their use as a means of payment. The whole money laundering and terrorism talk actually gets to me in a serious way, this is one reason I shouldn't be hearing from anyone and certainly not a nation like Russia.
We certainly can't be going back and forth about a decision that has already been made behind closed doors then come out to the public and give frivolous reasons why to ban digital currency in the country.
There is absolutely no way when the ease in transaction and freedom obtained wouldn't outweigh the use the country's financial institution.
Truth is the ban doesn't change anything just the same way as it happened in Nigeria, people would still get a way around it a still transact only to cause spite, in mine even more spite to the financial decision taken.
It's just almost certain for it to happen this way, the country's way doesn't change anything because cryptocurrency is already here and its benefits is already glaring to the faces of quite a number of people.
The ban would inevitably shine more light on cryptocurrency in the end.
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