Bitcoin Faces Rejection, Why BTC is Vulnerable Below $38K

Bank of Russia Governor Elvira Nabulina has previously argued that it is possible to ban bitcoin in Russia.

It is impossible to ban cryptocurrencies like Bitcoin (BTC), Russian Finance Minister Anton Silvanov has announced that the Bank of Russia has been urging the state to ban crypto in the country.

Russia's ban on crypto is tantamount to banning the Internet, which is impossible, Silvanov announced in a ministry briefing with the central bank, Forbes Russia reported Wednesday.

The finance minister said it was better to regulate the cryptocurrency industry as soon as possible than to ban it because it would allow the government to ultimately monitor the market and increase the country's budget using taxes from crypto mining.

What's wrong with that, I don't understand why it should be banned, Silvanov said in a briefing, is that there is a simple solution to taxing the market. According to the minister, taxes should be levied on the amount of Fiat assets deposited and withdrawn by the government from the profits collected.