Russia Proposes Crypto Crackdown 😆
Russia proposes a crypto-ban. What Is Bitcoin's Reaction?
It's no problem. On Thursday, Russia's central bank suggested a blanket ban on cryptocurrency mining and trading. Bitcoin's reaction was unfazed.
During New York trading hours, the most valuable digital currency increased by 4.2 percent to $43,463. Even as Russia, which hosts around 10% of the world's Bitcoin mining operations, has warned that digital assets resemble a pyramid scheme and may represent a threat to the country's financial system. A proclamation by China last year — which had previously enacted a similar prohibition, prompted a massive selloff since it was viewed as a major legislative step that would affect a large number of mining operations and would open the door to outright hostility toward cryptocurrencies.
So, why is the market reaction this time so subdued? Watch the video for analyst reaction to the announcement.