What do the Russians think of banning cryptocurrencies?

Russians think of banning cryptocurrencies

Russians are increasingly making use of cryptocurrenciesBitcoin (BTC) is slowly gaining ground in Russia. In this context, the government is trying to develop a regulatory framework to safeguard the security of its users, whether they are natural or legal persons.

On the other hand, the Central Bank of Russia wants to prohibit the use of this digital asset by natural and legal persons.

The Russians and their opinion on bitcoin

The Central Bank of Russia wants a complete ban on digital assets. Simultaneously, the Russian Public Opinion Research Center released a survey on Russians’ perceptions of cryptocurrencies and their use.

According to the survey, 64% of Russians have heard of BTC, and 17% are well acquainted with bitcoin. On the other hand, 19% do not know.

Russians and their opinion on bitcoin

According to Anatoly Aksakov, head of the State Duma Financial Market Committee, the Russians bought 5 trillion rubles worth of Bitcoin in December 2021 alone.

Another survey on the opinion of Russians about the country’s central bank‘s desire to ban cryptocurrencies revealed that 32% of respondents oppose the bank’s proposal.

33% are not worried about it. Notably, BTC is a negative investment for half of the study participants. Not all authorities agree with the bank.

The Central Bank of Russia published a statement stating that cryptocurrencies are frequently used by scammers and criminals.

That is why, according to the institution, new regulations must be enacted to restructure the sector. The document proposes to punish Russian citizens and companies that carry out transactions with cryptocurrencies.

However, within the authorities, some voices are against the bank’s proposal.

For example, the Russian Finance Minister has stated that he opposes a ban on cryptocurrency, as there is a risk that the country will fall behind in the field of new technologies.

Finance Minister Ivan Chebeskov stated that the ministry was seeking views on a regulatory approach for cryptocurrency.

Cryptocurrencies are beginning to play a key role in the Russian financial landscape, most notably in the case of BTC.

However, the country’s central bank has recently announced that it wants to ban BTC transactions due to the risk that this digital asset represents. This opinion, however, is not shared by all, including the authorities.