As the cryptocurrency and blockchain world has started marking its presence and getting its worth known in the times of pandemic, many underdevelopment and developed countries have found it to be the perfect opportunity to expand their economy and earning structure. Some countries like China have even started issuing their own digital-currency (digital-Yuan), which is expected to replace their traditional physical cash over the passage of time.
By adopting the blockchain systems and integrating them into their central bank currency-issuing programs, China has marked itself as the first-ever country that has the potential to de-dollarize the U.S. currency as the top global reserve currency. This is an opportunity that has appeared for once in a 100 year period and many world economy giants are keeping their fingers crossed to see Digital-Yuan take over as the top reserve currency.
Just like China’s reign over the Asian markets, Russia is preparing itself to conquer and lead the Eastern European region in the race of cryptocurrency/blockchain adaptation. Just like many developing and tech-savvy countries around the globe, Russia has also emerged as the country that is open to adopting the cryptocurrency and blockchain industry to improve and make their economic presence more prominent in the upcoming years.
However, unlike other countries, Russia has planned out to adopt the blockchain system very smartly. Russia has recently added the blockchain industry into its legislation, recognizing it as a legit and economy-boosting entity. They have dubbed the regulations for the blockchain under the Digital Financial Assets where they have set clear instructions as to how the cryptocurrencies are to be regulated and dealt with in the Russian business sector. The regulations also govern as to how the business sector and an individual should practice it on a daily basis.
Although Russia has recognized the cryptocurrency and blockchain industry and its importance in their economy, their legislation also prohibits the cryptocurrencies to be used for transaction purposes inside Russia. The reason why Russia has chosen to stick with this legislation is to keep the sovereignty of its Russian currency (Ruble) to keep on going in the form of cash currency.