The Bank of Russia said crypto mining created problems for energy consumption as Russia is one of the largest crypto-miner in the world. Meanwhile, The central bank is planning to issue its own digital rouble. The proposed ban includes crypto exchanges too.
Banning cryptocurrency in Russia won't bring any solution or creating digital ruble won't either. CBDC and cryptocurrency are not on same purpose. If Russia is having difficulty in their economy, they should better stop the war with Ukraine and get back into supply of energy to Europe and their economy will bounce back because the economic sanctions too will be lifted and not to look in the direction of banning crypto mining.
Russia has no problems with the economy. The budget in Russia is in surplus. The state did not have time to spend the entire budget, and invested a lot of money in European and American banks. This money is now frozen.
Russia has huge resources, and Europe doesn't. The Russian economy has no problems, because oil, once, metals, wood, is needed by the whole world. And Europe is in big trouble because they no longer have access to cheap resources.
In Russia, many people live very modestly, but in Europe this standard of living will soon change.
The sanctions only affect those Russians who live abroad and have property there. Approximately 70% of citizens do not even have an international passport for traveling abroad - such statistics.
And the cryptocurrency in Russia is not even in the top ten important issues now.
