Russian Government Approves Cryptocurrency Bill Rejecting Bans


According to Blockworks news, the Russian government approves the bill, which emphasizes regulation instead of prohibition. The Russian Federation is taking important steps towards regulating the cryptocurrency industry. According to the information reflected in the media, Russia plans to enact the said bill by the end of this year.

Russia Close to Regulating Cryptos

The proposal of the Central Bank of Russia to ban all operations involving cryptocurrency was on the agenda like a bomb. However, the Ministry of Finance, lawmakers, and President Vladimir Putin have shaped the country’s outlook on crypto with his stance rejecting the ban. Ivan Chebeskov, the ministry official who believes that crypto bans will take the country back, was on the side of evaluating the industry as an opportunity.

Russian President Vladimir Putin has given the green light to regulated crypto mining. Russia continues to work to become one of the leading countries in cryptocurrency regulations.

Cryptocurrency Latest Status

The leading cryptocurrency Bitcoin has traded in the price band between $35,500 and $37,500 in the last 24 hours. BTC has yet to break through the zone while testing the $37,500 resistance level. The flagship is being bought and sold at $ 36,780 as of the writing of this article.

On the other hand, the overall picture turned red as altcoins moved in the direction of BTC. Ethereum price is hovering above $2,400 while Binance Coin is holding the $382 level. Cryptocurrencies are in a very active period in the environment where regulatory decisions are discussed. The crypto money industry, which stands out with more earnings even when the financial markets are in decline, continues to welcome new investors every day.