Russian professor Igor Belskikh recently said that “mass” adoption of cryptocurrency will soon be seen in the nation, because there was a recognizable increase in the interest in digital Chinese Yuan and Russian Ruble.
Belskikh, senior professor at Department of Economics & Finance at Plekhanov Russian University of Economics, stated that cryptocurrency is “gaining more and more popularity” in Russia. He said in crypto forecast at Per V1 that crypto had become a tool to transfer money across borders within seconds without government interference, said in a
The administration under the leadership of Russian President Vladimir Putin recently discussed blockchain tech and digital assets usage in upcoming months to dethrone the monopoly of the U.S. dollar in international finance. Russia, the world’s largest country in terms of land area, is set to legalize crypto soon for international trading, according to media reports.
Russia’s Answer to Sanctions: Crypto
The U.S. Treasury Department identified a few Russians that circumvented sanctions via crypto. Those identified included 22 individuals and a neo-Nazi parliamentary group that were helping Russia finance the ongoing war with Ukraine in September 2022, according to CNBC.
Chainalysis reported in December 2022, that Vietnam ranked first among countries with the most crypto adoption. Whereas Russia is positioned at top 9 in the list. Ukraine was in top 3 owing to massive donations from across the world via Non Fungible Tokens (NFTs) and crypto. China ranked 10th amid harsh policies against the industry.
In a press release published last month, the largest Russian bank Sber announced the integration of crypto wallet Metamask and second largest crypto Ethereum in their blockchain system. This move may encourage citizens’ to adopt crypto.
Belskikh, who holds a Doctorate in Economics, remarked that crypto is in vogue because it is “associated with the ability to quickly transfer money across borders without paying foreign exchange fees or tax payments.” He added that “cryptocurrencies may become the most massive hobby for Russians in the years to come.”
The Good news that broke on new year’s day of 2023, was that the Russian state of Duma is preparing a draft bill to launch a “National Crypto Exchange,” reported a media website. The legislature is waiting for a greenlight from the Ministry of Finance and the Central Bank of Russia.
Back in February 2022, U.S. President Joe Biden authorized “strong sanctions” on Russia after it launched an invasion on Ukraine. The sanctions were aimed at restricting the nation’s ability to do business in dollars and certain other international currencies. US authorities imposed penalties on five Russian banks, according to Bloomberg.
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.
Source: https://www.thecoinrepublic.com/2023/01/10/prof-suggests-russia-might-mass-adopt-crypto/