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Russia is introducing new regulations on May 26: Major altcoin may be banned!
After the invasion of Ukraine, Russia, which faced significant sanctions, turned to Bitcoin (BTC) and cryptocurrencies to overcome these sanctions.
At this point, although Russia has started using Bitcoin and cryptocurrencies in international payments, it is tightening its control over the crypto sector.
According to a report by Bloomberg, it is expected that the digital asset regulations of the Russian Central Bank, which are set to come into effect next week on May 26, will significantly affect Tether (USDT) trading within the country and impose restrictions on access to USDT.
It has been reported that the new digital asset regulations include the following: "A ban on digital assets issued by unfriendly countries, allowing only digital assets from friendly countries, and a ban on tokens that can be blocked or obtained by issuers or payment agents."
At this point, it is believed that Russian companies may continue to use stablecoins like USDT for cross-border payments, but that the use of USDT for local payments is considered too risky and there may be restrictions.
Experts also indicate that the use of USDT may be banned in Russia due to the new regulations.
Mikhail Uspensky, a member of the Russia Virtual Asset Regulation Committee, stated: "Tether may be banned for use within Russia because it does not meet the requirements of Russia's new digital asset regulations. However, the use of stablecoins in international payments is not prohibited."