Russia has announced plans to implement a comprehensive ban on the public use of cryptocurrencies starting September 1, 2024. The ban, announced by Anatoly Aksakov, Chairman of State Duma, will restrict the circulation of all cryptocurrencies except for state-issued digital financial assets, such as the digital ruble. This move is aimed at reinforcing the dominance of the ruble and addressing concerns that cryptocurrencies like Bitcoin are replacing the national currency. Exemptions from the ban include cryptocurrency mining operations, which are significant for their contribution of $2.6 billion in liquidity for trade. Additionally, the creation of domestic crypto exchanges and payment services will be prohibited, the advertising of cryptocurrencies will be banned, and only miners and projects approved by the Central Bank will be allowed.