Russia ‘Likely’ to Ban Bitcoin Payments, Deputy Finance Minister Says

Well it’s friday and the Crypto markets have enjoyed a pleasant week of growth, but as always good times don’t last more than a few days in this game. Fridays have always been notorious for media outlets pushing out a few negative and worrisome articles surrounding Cryptocurrency.

Today we have this from Coindesk:

Alexey Moiseev, the deputy finance minister of Russia, said earlier this week that he expects pending legislation on cryptocurrencies will feature a ban on payments made in cryptocurrency.

According to the state-backed news source TASS, Moiseev – who previously said that bitcoin should be classified as a kind of asset in Russia and limited to qualified investors – told reporters on Monday that “no regulator doubts that payments will be banned.”

As terrible as this may sound it really is just more scaremongering, will Russia ban Bitcoin payments, I doubt it as such an action is virtually impossible to impose on the population. However, it is likely Cryptocurrency exchanges and merchants will have a temporary ban. But again it’s all speculation and irrelevant to the long term.

As Alexey Moiseev made clear, this ban would likely be in place while they agree on and implement regulation on cryptocurrency.

So don’t panic, the markets will likely drop more than they already have today, we will possibly see Bitcoin plunge below $4000 once more, but have no fear, hold tight and be ready to pick up some bargains.

See you on the other side!

2017-09-29T07:21:43+00:00

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