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Russia Does a U-Turn On Legalising Cryptocurrencies

Russia Does a U Turn On Legalising Cryptocurrencies

In 2016 cryptocurrencies in Russia were on the verge of being banned but it seems that the Russian government has had an about face on the subject as they are now on the verge of being legalised.  The likely reason is by implementing these technological platforms security will be increased and identities of users and transactions will be apparent.

The serious problems being faced in the banking sector in Russia and their subsequent effects on the economy has more than likely led authorities to re-address the use of cryptocurrencies and last week they have confirmed that a new legal framework for trading in cryptocurrencies is being developed.

Over the past few years, the Russian banking sector has been under the severe control of the Central Bank of Russia which has had to implement these controls due to fraudulent operations and shadowy dealings and many banks have been closed as a result. 

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