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After so many rejections and criticism of bitcoin and cryptocurrencies, now financial institutions in Russia are looking up to digital assets for global payments
As reported recently, the Central Bank of Russia is now open to allowing the use of bitcoin and other cryptocurrencies in order to fulfill international payments requirements. Central Bank’s First Deputy Governor, Ksenia Yudaeva, said that, in principle, the financial authority does not object in order to the use of cryptocurrency in terms of international transactions. However, the open-mindedness of the Russian Central Bank stretched only so far.
Further, Yudaeva explained that the institution still actively believes in the use of cryptocurrencies within the country, particularly within the financial infrastructure of Russia. This creates greater risks for Russian citizens and users. He said the institution believes that the risks for their country could be reasonably large.
The ongoing debate in Russia is not only about the use of cryptocurrencies like bitcoin but also related operations like the bitcoin mining process have also become burning topics throughout the last year. This is just January this year; the Central Bank of Russia has proposed a man on bitcoin mining.
The President of Russia, citing the opposing position of the Russia Central Bank, stated that although the country has certain advantages, especially in terms of so-called mining. He referred to the natural climate and surplus energy production that could be a plus point for mining operations.
Recently the government proposed a bill looking to regulate bitcoin, ethereum, and other similar cryptocurrencies. At the time, Andrey Lugovoy said that while talking about digital financial assets along with cryptocurrencies and the whole crypto market, there is a need to understand that there is neither any need to try altering certain bills through which they are trying to put regulations over a new entity that the entire world is facing now, and Russia must determine their position in this. Lugovoy is the first deputy of the Security and Anti-Corruption Committee for the federal assembly of the Russian Federation, the State Duma.
The Ministry of Finance followed the proposal of the Russian government along with its bill that is intended to provide the bitcoin ecosystem its actual value and empower those businesses operating within the space by implementing the regulatory practices. However, some members of the country believe that bitcoin is just a matter of time.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
