Russia plans to block international cryptocurrencies

RUSSIA / FSU POLITICS - In Brief 28 Nov 2018 by Alex Teddy
A bill to ban access to international cyrptocurrencies has been introduced to the Duma. The legislation would also grant the central bank sweeping powers over Russian cryptocurrencies. This would shore up the status of the central bank. The default setting for the Russian Government is to control things. In the 1990s the country suffered from serious inflation and people preferred to use the USD. The government does not want to see the Ruble ceasing to be the financial lingua franca.Some sectors of business are lobbying vigorously against the bill. They say it will make it harder to do business internationally. They will be deprived of vital seedcorn capital. The Russian Association of Cryptocurrency and Blockchain has submitted an alternative bill which is much more moderate than the one under consideration.

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