Russia ban on Cryptocurrency to curb ransomware spread

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Russia’s Central Bank is seeking government’s inputs to impose a ban on the mining and use of cryptocurrencies- all to curb the spread of cyber crimes such as ransomware spread and cyber terrorism.

A report published by Bank of Russia aka Central Bank of Russian Federation confirmed the move and added that it is looking into various proposals put forward by the financial analysts and will conclude on March first week of this year.

However, a few of the trade analysts’ opinion that they are also thinking of implementing certain mechanisms (instead of imposing a ban) aimed at monitoring block chain transactions meant to sell and buy cryptocurrencies in exchange for fiat currencies.

If at all the ban gets implemented, it can prove as a huge blow to crypto currency exchanges and mining firms as the trading of digital coins will no more be entertained in the whole region and all those who invested will expect their returns and actual in big amounts.

Note 1- Russia is the 3rd largest region for bitcoin mining, just behind United States and Kazakhstan that is mainly influenced by Chinese governance.

Note 2- In the second week of January this year, Russian Federation made some arrests in its nation of persons belonging to REvil ransomware group and took control of their assets such as cryptocurrency, server stations, sophisticated communication instrument, and such.

Note 3- The Biden administration leading America is looking to turn cryptocurrency mining greener or to put those block chain currencies in first place that need little energy for their generation and sustenance.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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