The trading website of the OKX exchange has been blocked in Russia, according to Roskomsvoboda, a platform that keeps track of censored platforms.
The blockage remains unclear why the platform was being stopped and when it will be back online soon. However, the situation can offset the cryptocurrency ecosystem with the notion that the Russian government is all out for crypto-linked trading platforms.
Hasty conclusions may not serve users right as Russia is gradually beginning to wake up to the embrace of cryptocurrencies, with the sanctions from Western regulators still crippling the national economy.
Since the war in Ukraine started, both countries have relied heavily on digital currencies for transactions as banks in the most affected areas were halted.
It is unclear how Russia will want to sabotage crypto trading with the censorship of some of the biggest crypto exchanges around, considering the Ministry of Finance and the Bank of Russia have recently found grounds for adopting Bitcoin as a means of transactions.
While the Ministry of Energy is advocating for the mining of Bitcoin using excess energy, the ministry in charge of trade is also considering adopting the coin for international settlements for goods and services.
The evolution of cryptocurrencies has gone through many phases this year alone, and it has gone from attempts by the Bank of Russia advocating for its ban to a stage where it is now being considered a viable avenue to survive the current economic and financial hardship rocking the local economy.
Notably, digital currencies now occupy a crucial part of most countries’ financial ecosystems. With countries like Ukraine, El Salvador, and the Central African Republic pioneering the legalization of Bitcoin and digital assets, the narrative is changing as key regions like the European Union are actively working on implementing its regulatory framework tailored for the crypto industry through the Markets in Crypto Assets (MiCA) regulation.
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