Home
News
- Russia’s digital ruble ahead of cryptocurrencies being accepted as legal tender
- Investors await the signal from authorities as online banks like Tinkoff explore various mediums to enhance user experience
- Fraudsters will be taken care of once policies and rules are placed in line for the cryptocurrency market
Russia is one of those countries that has given Bitcoin a legal status as recently as 2020. Although it has a mass appeal among its citizens, Russia’s Central bank governor has disallowed its use in payments. The strict stance is hurting crypto enthusiasts like Tinkoff, the country’s largest online bank. Moreover, Russia is poised to follow the footsteps of China and the US and come up with its own digital currency which will be centralised.
Cryptocurrencies to provide an efficient financial system
Several countries have raised their concerns over cryptocurrency trading activities and have imposed sanctions or policies to curb the same. However, there are a lot more advantages that need to be chanced upon by regulatory authorities. The decentralised set up of blockchain networks has enabled a smooth and secure payment system.
Digital currencies have the potential to change the functioning of the financial system and help the underbanked financial institutions and backward areas of any country. Oliver Hughes, CEO Tinkoff, explained that qualified investors want a seat at the table and invest further in cryptocurrencies via licensed exchanges. He spoke of the country’s strict stance against cryptocurrencies at the International Economic Forum.
Qualified investors have weighed the cons
Hughes has analyzed the market and believes that there is immense potential for cryptocurrencies to be traded in the country. Due diligence has been carried out by most of the qualified investors who are waiting for the green signal from the authorities. The digital ruble will definitely pave the way for a smoother acceptance of other cryptocurrencies as well. Many countries have started their pilot projects in centrally issued digital currencies and Russia is not far behind.
Although there have been cases of money laundering and illicit activities, investors have placed their trust on a decentralised network to reap rewards. Funding terrorist activities has been a major issue for regulators around the world. The fight will continue until cryptocurrencies are accepted on a global scale combined with a united front against the scammers.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
