How many Russian Citizens will support the Central bank’s idea of a Crypto Ban?

A few days back Central Bank of Russia suggested banning cryptocurrencies and their operations across the country, but reports and surveys show different opinions of Russian crypto users 

Concerning cryptocurrencies and their uses, Russia’s largest bank proposed a crypto ban all over the country. Reasons for that described its not useful for transactions because of volatility, not safe for investing because of regular price fluctuations, etc. 

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Recent surveys show that Russians who know about cryptocurrency are somewhere having divided opinions about banks’ suggestions on crypto ban operations. Interestingly the number of supporters of the proposal and those who are against it are almost equivalent, amongst the participants of the survey. 

Discussions are going about crypto regulations and its usage procedures in the Russian Senate, however, regulators are having disagreements related to crypto and officials are trying to find some middle ground so that the way for crypto space in the country could be cleared. Apart from this Russian Public Opinion Research Center ‘Vtsiom’ had conducted a survey and after that published a study describing various attitudes and perceptions of Citizens of Russia regarding cryptocurrencies and their operations.

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People have asked about their opinions through different polls. After the results, it has clarified that most Russians approx 64% know about bitcoin and cryptocurrencies and the other 17% holds good information and knowledge about them. People having knowledge about crypto have increased in number tells the previous data from a survey in 2017. Earlier the people who don’t know about crypto at all were 30% which have decreased to just 19% in a recent survey.

Crypto ban proposal was doubted when data from the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain ‘Racib’ presented the data showing over 17 million crypto wallets users in Russia. Even in December last year, Anatoly Aksakov, head of the State  Duma Financial Market Committee announced more than $67 billion of investments of Russian Citizens in Crypto.

After the data showed popularity and use of crypto at this level inside the country, higher officials then bounded to take some actions towards regulating the market. The suggestion of crypto ban from the Central Bank was because of the concerns of providing safeguard to users inside the country by halting crypto activities like issuing, trading, using and even mining of cryptocurrencies. Obviously not accepted,instead opposed by other authorities keeping in consideration the huge demand of crypto across the country. On top of that, the Government that’s why decided to bring a roadmap for regulations over crypto instead of complete ban.