Why Did Russia Ban Crypto?

Krutika Adani

The Russian State Duma Committee Chairman on Finance recently talked about a proposal to put a blanket ban on crypto.

The reason behind the decision was that crypto was replacing Ruble in the monetary system.

Apparently, the use of crypto in Russia had weakened the Ruble, Russia’s currency.

The ban would not extend to crypto miners and forex services.

Miners generate an estimated $2.6 billion of Bitcoins in Russia which is critical for its foreign trade.