Russian Official Warns of Bitcoin Collapse Amid Regulatory Efforts

Anatoly Aksakov, head of Russia’s State Duma Financial Markets Committee, has issued a warning about the potential collapse of Bitcoin, attributing this to its lack of fundamental backing. According to NS3.AI, despite his concerns, Aksakov is actively working on legislation aimed at legalizing and regulating cryptocurrency mining firms and exchanges within Russia. The proposed regulations are set to include penalties for illegal mining activities and will allow banks to offer cryptocurrency trading services. This move reflects the Russian government's attempt to exert control over the expanding $13 billion cryptocurrency market.