Can Russia Become The Next El Salvador?
Putin realized this attractiveness and spoke positively towards cryptocurrencies for the first time ever!
Recently, Russia repeatedly made headlines regarding cryptocurrencies. The reason: the Russian Central Bank expressed harsh criticism of cryptos, even viewing them as hostile. After a recent about-face, Russia officially accepts cryptocurrencies as currency.
Where does Russia’s shift in favor of Bitcoin come from?
A few months ago, Russian authorities and banks were virtually tearing Bitcoin and, by proxy other cryptocurrencies apart. At the time, the Russian Central Bank expressed that cryptos would undermine the country’s financial sovereignty.
In this respect, bankers assessed Bitcoin as a hostile instrument. A little later, a conflict arose in neighboring Kazakhstan, which led to a rethink. At the time, Kazakhstan was the country with the second-largest Bitcoin hash rate after the USA.
Kazakhstan achieved this rank in a short time. However, the decisive factor was the ban on crypto mining, which came into force in China in September 2021 and led to a significant departure in Kazakhstan.
