Russia’s communications watchdog Roskomnadzor has blocked the nation’s biggest cryptocurrency aggregator platform. According to the official announcement, access to BestChange, one of the biggest cryptocurrency over-the-counter aggregators in Russia and Eastern Europe, has been restricted by Roskomnadzor, the Russian telecom agency.
Although the website is on the list of restricted platforms, the regulator has not yet provided an explanation as of the time of publication.
The move comes at a time when Russia has been keeping a strict watch on the crypto industry.
Russia Bans BestChange
The first time BestChange was blocked was in 2017 when a judge in St. Petersburg declared that Bitcoin was a monetary substitute and that its irreversible transactions made enforcement difficult.
After the prohibition was restored in 2018, Roskomnadzor blocked it once more in 2019 before lifting the restriction a few months later.
Nearly six months have passed since Russia passed a new law banning cryptocurrency advertisements and Bitcoin mining. Ads for digital assets and anything that facilitates the transfer of cryptocurrency, including services that enable users to do so through Russian infrastructure, are prohibited by the law.
Also Read: Russian Government Mandate Cryptocurrency Miners to Report Earnings by the 20th of Every Month
Russia Takes Strict Stance on Crypto
In recent years, Russia has greatly increased its monitoring of the cryptocurrency industry, and its authorities are enforcing stringent regulations to oversee and manage digital assets.
The government, under the direction of organizations like the Central Bank of Russia and Roskomnadzor, has voiced worries about the possibility of capital flight, money laundering, and illicit activity with cryptocurrencies.
Russia has responded by enforcing restrictions on transactions, barring access to cryptocurrency sites, and even considering outright banning the use of cryptocurrencies.
In order to distinguish between legal and illegal cryptocurrency activity, the government is also attempting to establish a regulatory framework. These steps are a part of a larger endeavor to investigate central bank digital currencies (CBDCs) and preserve control over financial institutions.
Bitcoin and Crypto Faces Global Scrutiny
As governments and regulatory agencies work to address Bitcoin’s and crypto’s increasing influence on financial institutions, international scrutiny of the cryptocurrency has increased.
Increased scrutiny has been brought on by worries about its possible use for money laundering, tax evasion, and funding illegal activities. While some nations, like the U.S. and the EU, are thinking about implementing regulatory frameworks to guarantee transparency and consumer protection, other nations, like China, have completely prohibited Bitcoin mining and transactions.
Central institutions are also looking into creating digital currencies to combat the decentralized nature of Bitcoin. For international financial authorities, striking a balance between innovation and regulation is still a major challenge as Bitcoin acceptance grows.