The trading website of the OKX exchange has been blocked in Russia, according to Roskomsvoboda, a platform that keeps track of censored platforms.

The lockdown remains unclear as to why the platform was stopped and when it will be back online soon. However, the situation may offset the crypto ecosystem with the notion that the Russian government is fully into crypto-linked trading platforms.

Hasty conclusions may not serve users well, as Russia is gradually beginning to wake up to the embrace of cryptocurrencies, with sanctions from Western regulators still crippling the national economy.

Since the war in Ukraine began, both countries have relied heavily on digital currencies for transactions as banks in the hardest-hit areas have been paralyzed.

It is unclear how Russia will want to sabotage cryptocurrency trading by censoring some of the largest cryptocurrency exchanges, considering that the Ministry of Finance and the Bank of Russia have recently found grounds to adopt Bitcoin as a means of transactions.

While the Ministry of Energy advocates mining Bitcoin using excess energy, the ministry in charge of trade is also considering adopting the currency for international payments for goods and services.

The evolution of cryptocurrencies has gone through many phases this year alone, moving from the Bank of Russia’s attempts to advocate for its ban to a stage where it is now seen as a viable path to survive the current economic and financial difficulties. that shake the local economy.

In particular, digital currencies now occupy a crucial part of the financial ecosystems of most countries. 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 their regulatory framework designed for the industry. of cryptocurrencies through Markets in Crypto Assets (MiCA) regulation.

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