Crypto News Flash #7 : Russia Is Going To Ban Cryptocurrencies | Will It Affect Bitcoin Valuation This Time?

After China FUD , Jamie Dimon's Statement , Jordan Belfort's Accusation Of Bitcoin, Malaysian Central Bank Crypto Ban Announcement, Bitcoin is still on the move and trying to hit the $5000 mark as soon as possible. For few weeks, Bitcoin was wavering hard to cross $4300 mark but now it's next target is $5000 mark. 

After so much FUD, Bitcoin still standing strong and heading upwards with a market capitalisation of $81 Billion out of total crypto market capitalisation of $155.5 Billion. That means people are shifting their focus from alt coins to Bitcoin. The reason being Bitcoin Gold. On coming 25th October, 2017, a new fork is going to happen and everyone which will hold their Bitcoins in their wallet on 25th October 2017, will get same unit of Bitcoin Gold for free. This is the reason why people compiling their Bitcoins.

Now, let's talk about the latest update from the crypto market which might effect Bitcoin valuation crucially. 

This is the update of : Russia Banning Cryptocurencies Within It's Borders.

Mr. Vladimir Putin, the President of Russia, announced recently on Tuesday that Cryptocurrencies are highly volatile, risky and being used for criminal activities for so long and that's why Russia is going to ban all cryptocurrencies trading within their country. 

Russia's Central Bank will now soon block all the websites dealing with cryptocurrencies buy or sell. Russia's Central Bank's First Governor, Mr. Sergie Shvestov, recently said in press conference that they're going to ban cryptocurrencies completely as they are 'dubious' and they won't allow even single investors of their state to get mugged in it's investment. 

Well, this is highly conspiracial thing done by Russian government because if we recall last month the Finance minister of Russia himself said that Cryptourrencies are here for stay and there's no logic of banning them, rather we should regulate them. 

But now after one month, tables have been turned and now the Russian government is in full mood to ban and block all cryptocurrency related activity within their precious state. 

About Cryptocurrency, Vladimir Putin also said that any money which have been acquired from non-government approved institution will be treated illegal as it can be used to launder money. 

Along with all other things, he also gave this statement:

 “We think that for our citizens, for businesses the usage of such crypto-currencies as an investment object carries unreasonably high risks''.

Basically now the Russian governments wants to control the Bitcoin or cryptocurrencies in general by banning them. I don't get what's the logic in that. Many other countries are trying to find opportunities to get benefited from cryptocurrency while Russia is rejecting them with pride. 

Well, by looks of it, it might be another attempt by another government to shatter the value of Bitcoin as it happened in the case of China FUD. But this news haven't much affected the market. May be people are now aware of the long term potential of Bitcoin in near future. 

Let's see whether Russia will be rigid on it's decision in coming future or will it change it's decision of banning cryptocurrencies?

Hope for the best and keep your investment safe as crypto market is highly volatile and everyday new FUD arises.

Thanks for reading ..!

Information Source

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