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Is China-style Bitcoin Crackdown In Works?

01 Jun Is China-style Bitcoin Crackdown In Works?

Posted at 15:14h in Bitcoin News by

Russia Sending Mixed Signals: Is China-style Bitcoin Crackdown In Works? 101
Source: Adobe/Delphotostock

Last week, a leading Russian parliamentarian claimed that Duma financial policymakers were not behind any calls for a ban of cryptocurrencies, such as Bitcoin (BTC). This week starts with worrying news as legal experts and crypto industry leaders have taken aim at a draft bill set to be put before Russian parliamentarians with some warning that it could spell the end for the country’s cryptocurrency industry.

The draft bill for the long-awaited “On Digital Assets” bill has finally been published on the State Duma’s official website after a wait of around 23 months.

But per Kommersant, the bill’s provisions would seek to “disconnect” Russia from the world of crypto, with a total ban on mining on of the most worrying provisions – considering how many miners have set up shop in the country.

Monthly share of total Bitcoin hasrate in April

Russia Sending Mixed Signals: Is China-style Bitcoin Crackdown In Works? 102
Source: The Bitcoin Mining Map

Despite issuing words of reassurance last week, Duma finance committee…

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