Russian Central Bank has been denying the opportunity for investors to invest in digital currencies for a long time and at one point Russian government even thought about banning digital currencies altogether. However, Russians have made a huge shift in policy when it comes to the market of digital currencies. Last week, it was reported that Russian government is preparing a regulation about Bitcoin that would impose control on this digital currency. However, it was also reported that the Russian government is also opening the possibility for these digital currencies to become the official part of the Moscow stock exchange.
Russia to Become a Cryptocurrency Pioneer
At that time, reports indicated that the Russian Central Bank is preparing for such an action and the government has been working on introducing legislations that would make that possible. If that turns out to be true, Russia will become the first country to actually make digital currencies a part of their stock exchange. Today, reports indicate that Russia has gone even one step further in legalizing digital currencies as it was revealed that Russian Federation Central Bank has approved one platform for digital currency trading for the first time.
This will enable private investors to invest and to trade with digital currencies for the first time on the official stock exchange. With this news, it’s getting clear now that Russia has become the leading country in the world in the sphere of digital currencies and their incorporation into the global financial market. As it will soon be announced, Voskhod system has become the first online trading platform that has received the green light from the Russian government to trade with digital currencies in the country.
Large Businesses Joining In
The Russian government was not the only aspect of Russian society that has been incorporating digital currencies in their policies. Russian economic giants, Gazprom and Evrosibenergo, have also announced that they might be partnering with Bitcoin miners from Russia. These energy giants are looking for a way to bring electricity to a bigger number of people and partnering with Bitcoin miners might secure them funds for actually achieving that.
This is the reason why many companies in the world, not only in Russia, are focusing more on digital currencies than on the standard currencies. If Russia continues to work on legalizing digital currencies and incorporating them into their stock exchange, Bitcoin and perhaps other digital currencies might become a legal method of payment in Russia very soon. It was believed that some of the Western countries will be the first to make this happen. However, Russia proved to have the most developed system for digital currency trading which enabled them to make this happen.
Western countries will definitely follow Russia in this aspect but the big question is when and what kind of regulations would those governments introduce. Imposing too much control can be devastating for this market but leaving it like it is now, mostly unregulated, is also very dangerous as we have witnessed many cases of frauds involving Initial Coin Offerings and other digital currencies.
Written by Ivan Potocki
Ahhh…looking forward on government’s regulations