Connect with us
Active Currencies 18050
Market Cap $4,007,147,299,795.80
Bitcoin Share 58.77%
24h Market Cap Change $-1.06

Russian central bank chief demands total crypto ban – Is Moscow shutting down digital trading?

2min Read

Russia has tightened its crypto restrictions, but could wealthy investors still get a pass?

Russian central bank chief demands total crypto ban – Is Moscow shutting down digital trading?
Share this article

  • Bitcoin surged past $87k despite global regulatory uncertainty and central bank skepticism
  • Russia and China’s crypto moves have fueled speculations about market impact and future regulations

The crypto market has regained bullish momentum after a period of bearish consolidation, with Bitcoin [BTC] leading the charge. In fact, the global crypto market cap climbed to $2.86 trillion on the charts, marking a 2.86% hike in the last 24 hours according to CoinMarketCap.

For its part, Bitcoin, which previously struggled to break past the $85,000-resistance level, surged to $87,234.34 after gains of over 3%. 

Moscow closes its doors on crypto

Meanwhile, regulatory scrutiny remains a key factor shaping the industry. The Bank of Russia, for instance, has proposed a ban on cryptocurrency settlements between residents outside the experimental legal regime (ELR).

The central bank is also pushing for penalties on those violating the restrictions, signaling a tightening position on digital assets within the region.

At a press conference, the head of regulators Elvira Nabiullina said,

“We remain with the old position that cryptocurrencies should not be allowed as a means of payment, so we propose to introduce a ban on settlements in cryptocurrencies between residents outside the EPR. Not only to introduce a ban, but also to establish liability for violating this ban.”

Other countries and their crypto position

While Russia’s Central Bank previously acknowledged the need for a regulatory framework to allow “qualified” investors access to cryptocurrencies, it has now proposed stricter controls on crypto settlements.

In fact, Russia’s latest proposal for a three-year experimental framework to allow select wealthy investors to trade cryptocurrencies also might fade away.

Meanwhile, Japan’s Prime Minister Shigeru Ishiba has voiced concerns over the opacity of Bitcoin reserve strategies in the U.S and other major economies. This skepticism has been echoed by Switzerland and the European Central Bank, both of which remain cautious about widespread crypto adoption.

Adding to the debate, the Bank of Korea (BOK) recently dismissed speculations about including Bitcoin in its foreign exchange reserves. In doing so, it cited extreme volatility as a major risk factor.

This clarification followed an official inquiry by Representative Cha Gyu-geun of the National Assembly. It highlighted the continued hesitance of traditional financial institutions about integrating Bitcoin into national reserves.

What’s more?

Finally, China’s alleged liquidations of nearly $20 billion worth of Bitcoin—stemming from the 2019 PlusToken Ponzi scheme—has sparked fresh speculations about the government’s crypto strategy.

While authorities claim the seized BTC was transferred to the national treasury, the lack of transparency has fueled concerns over potential market impact.

And yet, despite Russia’s cautious position and other nations struggling to trust Bitcoin, the leading cryptocurrency remains resilient. In fact, it has reinforced its dominance in the evolving financial landscape.

Its technical indicators like the RSI and MACD suggested market bulls have been overpowering the bears too.

BTC PA- Trading View

Source: Trading View

Share
Ishika Kumari is a Crypto Analyst and Content Strategist at AMBCrypto, specializing in the analysis of cryptocurrency regulations, market trends, and the socio-political impact of blockchain technology. Her expertise is grounded in her academic background as a graduate of Political Science from the renowned University of Delhi. This discipline has equipped her with a sophisticated framework for analyzing complex governance models, international regulatory landscapes, and the economic principles that underpin decentralized systems. At AMBCrypto, Ishika applies this unique analytical lens to her work. She excels at breaking down intricate subjects—from the technicalities of new protocols to the nuances of global crypto legislation—into clear, accessible, and insightful content. Her primary mission is to bridge the gap between the complexity of the digital asset industry and the everyday reader, ensuring that AMBCrypto's audience is not just informed, but truly understands the forces shaping the future of finance.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.
Thank you for subscribing to Unhashed.