Moscow style crypto adoption – Russia’s interest in cryptocurrencies is not new. On the contrary. The Bank of Russia also confirmed its blockchain wishes this month, while still teasing crypto assets. However, the State Duma, the lower house of the Federal Assembly of Russia, has regularly passed laws in favor of cryptocurrencies. This time, too, the views will indeed be opposite. At stake: the creation of a national crypto platform that is not unanimous.
Cryptocurrencies: An Economic Potential for Russia
For example, our colleagues from Cryptopotato report the comments of local media announcing that the State Duma would be working on a new bill aimed at “ the creation of a national crypto exchange ».
While we described some divisions within Russian institutions regarding the creation of a legal framework for cryptocurrencies in Russia, the Russian parliament underlines that theevidence and the economic potential of digital assets. For example, Sergey Altuhov, a member of the State Duma’s Economic Policy Committee, explains:
“It makes no sense to deny the existence of cryptocurrencies, the problem is that they circulate in a wide stream outside of state regulation. This is billions of rubles in lost tax revenue for the federal budget. »
>> Who knows how much 10,000 SATs will be worth in 10 years? Register on AscendEX and you will be given the opportunity to verify (sponsored link) <
A National Crypto Platform: A Divisive Subject
However, not all decision makers view the adoption of cryptocurrencies in a positive light. The reluctance, especially from the Bank of Russia are known and the national cryptocurrency platform needs the approval of the latter to see the light of day.
In addition, the establishment of this national exchange requires changes to the current bill on the adoption of cryptocurrencies in agreement with the Ministry of Finance. Rather half fig, half grape, the latter supports the advice of the Economic Policy Committee of the State Duma. Cryptocurrencies that can put butter on the spinach. In addition, the state confirmed to be working on a digital ruble to circumvent the use of the dollar.
In the political and macroeconomic context, let’s keep our heads on our shoulders. It is clear that cryptocurrencies would be a way for Russia and its government to circumvent certain international sanctions against them. In the same circumvention dynamic, the Russia would also approach China to work on a gold-indexed digital currency to trade freely despite NATO and EU restrictions.
Cryptos and blockchain technology are still young and volatile sectors. Every investment involves risks. As a well-informed investor, have you done your own research and decided to take the plunge? Register on AscendEX, and take advantage of 10,000 Satoshis (SATs) offered by following this link (commercial link).