Russia has announced a ban on general cryptocurrency circulation to strengthen the dominance of the ruble and regulate the crypto market, with exemptions for miners and Central Bank projects. The proposed legislation reflects a compromise between differing opinions within the government, aiming to balance control over the crypto market while addressing the concerns of various stakeholders. The ban has sparked debate, with some calling for clear regulations to navigate the evolving landscape of digital assets, while others advocate for a more moderate stance to enable the use of cryptocurrencies in domestic and international transactions.
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