China has always been a leading country going extreme with its crypto ban on several occasions they have caused the crypto market to nosedive as a result of creating fear, uncertainty, and doubt
(FUD) amongst crypto investors, I must say should be credited for their manipulative strategy to bring the market down several times although they are still imposing tight rules on crypto use and NFTs use, seems crypto technology is a nuisance for China government.
We can't say much about Russia and its aim for its citizens for crypto use I can presume the country is a bit not straight on what to do with crypto I could say they are a bit on the fence trying to decide if crypto adoption is good for the country's economy or another financial catastrophic technology to ruin the country economy. In different moves, Russia has considered accepting crypto for payment, and again making rational decisions on its use seems they find crypto a bit more complex for the country's use.
Russian decisions on crypto use in 2022
Earlier this year 20th of January Russian bank wants a ban on Bitcoin citing bitcoin imposes health challenges to the environment and therefore, all related crypto activities are banned from the country they went further to halt all financial institutions from conducting any crypto base transaction in the country.
Putin Says Russia Has 'Competitive Advantages' in Bitcoin Mining with the Russian surplus electricity supply the president boasts of the country's advantage to account for bitcoin mining which is a blast for the crypto space.
In February this year Russia submit a proposal for crypto regulation This proposal suggests the use of crypto in the country in which all investors hold crypto but not allowed to conduct a direct transaction with crypto.
Just in on July 16th Putin Signs Ban on Crypto Payments in Russia A national ban on crypto use for payment was made recently by the Russian President this complicates crypto use in the country no room for crypto growth at the moment in the country although things might change as the country are still reviewing crypto use.
We can deduce that the crypto state in Russia is a bit complicated as different directions toward adoption and banning crypto have occurred back in 2020 several rules have also been made on crypto use in the country we can't say for now if this will be the last time the country will review it's' crypto term of use.
Would love to know your thoughts on where you think Russia is headed with its crypto adoption.