Russia could turn into biggest Bitcoin market in the long run
Russia could become the next major Bitcoin market as the government continues to promote Bitcoin mining and moves towards regulating the digital currencies market, according to the news in CoinTelegraph.
Russia’s plan
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Russian President Vladimir Putin approved the launch of a new state-controlled digital currency called “CryptoRuble” in the country last week. Communications Minister Nikolay Nikiforov also confirmed this.
Several analysts have speculated that a nationwide ban on Bitcoin and other digital currencies will likely follow after the launch of CryptoRuble. However, Putin does not think so, and the Russian central bank plans to regulate, not ban, Bitcoin and other digital currencies.
In a statement made by the Kremlin, Putin; He expressed the need for regulatory frameworks to oversee the activities of digital currencies, similar to countries such as the USA, Japan, South Korea.. Putin said:
“As it is known, many countries are looking for ways to regulate their digital currencies.. We, too, need a regulatory environment that can properly code relations in this area, protecting the interests of citizens, businesses and the state within a framework of trust, while providing legal guarantees for the use of innovative financial instruments.” It draws attention to the regulation rather than outright banning of Bitcoin and digital currencies. If Russia bans digital currencies, most business will move to OTC markets and P2P platforms. The Russian government can prevent the use of digital currencies such as Bitcoin and Ethereum in illegal activities with trading platforms equipped with KYC and AML systems.
On the other hand, the Chinese government has also recently launched digital currency exchanges.
Promoting mining
In September, the governor of Russia’s Leningrad region, Alexander Drozdenko, announced that he has some plans to encourage Bitcoin miners.
As reported by local news sources, the governor has invited miners to build facilities on former nuclear power plant sites, thinking that they can meet their need for cheap energy.
Bitcoin and digital currencies like the ones listed above from Russia often There is good news about. If the Russian government continues this support for digital currencies, as expected, Russia could turn into a large Bitcoin market in the long run.
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