Cryptocurrencies gained popularity around the world and the Russian Federation is not an exception. Interestingly, the Russian government is expecting to issue more crypto in the local market this year.
It is worth noting that, the State Duma’s Committee on Financial Markets forecasts Russian crypto issuance to increase after the adoption of the country’s new crypto law on January 1, 2021. As a reminder, passed in July 2020, the law “On Digital Financial Assets” provides legal status to crypto. However, it bans people from using cryptocurrencies like Bitcoin as payment too.
Interestingly, Anatoly Aksakov who is a member of State Duma also expresses optimism about the future of a digital ruble. Importantly, the digital ruble has the chance to become one of the future forms of the ruble. Moreover, it should contribute to the development of the financial asset market.
Crypto market and interesting details
It is worth noting that, at the moment it unclear whether local companies would be allowed to issue ruble-pegged stablecoins.
Last year more precisely on October 13, 2020, the Russian central bank officially released its plans to issue the central bank digital currency. According to the country’s central bank, a digital ruble would serve as an additional form of money alongside cash and traditional forms of digital fiat.
The Russian Federation has a huge potential when it comes to cryptocurrencies, but it won’t be easy to develop the local market. Authorities should work with local as well as foreign investors to develop the industry. Moreover, there is no need to create additional problems for companies as well as individuals with too strict regulations. Also, local as well as federal authorities should pay more attention to crypto-related projects. Last but not least, Russia should join forces with other countries to make cryptocurrencies more popular around the world.