The lack of money is felt all over the world. Faced with growing problems, the Russian Central Bank is reviewing its cryptocurrency priorities. While digital assets have not always been unanimous so far, Russia sees things differently and thinks they could revive a struggling economy.
Russia, cryptocurrencies as a means to internationalize a struggling economy?
Russia is currently considering a cryptocurrency adoption plan. As inflation and sanctions rage, the Russian government is starting to see the possibilities offered by digital assets. In a recent report on cryptocurrencies, the Russian Central Bank talks about their integration into financial systems.
The main arguments revolved around the proper regulation and taxation of cryptocurrency issuance. But also other themes that frequently emerge in this type of discussion. However, the report does not mention any money laundering legislation. Remember that this is one of the topics that come up the most when it comes to the cryptocurrency industry.
The economic sanctions affecting the country are also noted for their absence. However, we cannot complain, as Elvira Nabiullina, the governor of the CBR, managed to protect Russia’s economy from these. In view of all the difficulties that the country is going through at the moment, cryptocurrencies play a very important role.
Although President Putin has spoken out in favor cryptocurrencies prior to the invasion of Ukraine, the CBR initiative was the result of another problem. Indeed, the country has tried to monetize its natural resources without going through the US dollar. However, this is the quintessential tool in the oil and natural gas markets. Therefore, with international regulations, cryptographic technology is the best alternative to overcome this situation.
A recent Telegram article claims that the Russian Central Bank is working on the digital ruble, which it will try by 2023. Meanwhile, the CBR says it is interested in opening the internal market to friendly countries. This expression, friendly countries, is a euphemism of Russian legislation. The latter refers to the few countries that still accept Russian entities in their markets.
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The world is changing and adaptation is the best weapon to survive in this undulating universe. As the crypto community manager at the base, I am interested in anything directly or indirectly related to the blockchain and its derivatives. To share my experience and introduce a field that fascinates me, nothing better than writing informative articles and relax at the same time.