In the past few months, the world has grown very aggressive against Russia. The country has waged its war against Ukraine and since then, the US and the UN have passed multiple sanctions against it.
Initially, it looked like Russia will be able to get through the difficult times. However, the situation has gotten worse and with the growing pressure of the sanctions, it has to take some serious steps.
The country is also trying to get back to Europe which has launched collective sanctions against it. From its end, Russia has stopped providing Europe with energy, causing a major energy crisis for the entire continent.
However, Russia is taking several other steps to circumvent the sanctions imposed by Europe and its allies. Among the steps the country has taken, the adoption of cryptocurrencies seems to be its top choice.
The country is now aiming to gain more ground in the cryptocurrency industry so it can benefit from them on an economic level.
Russia Launches its Own Crypto Exchange
For the purpose of dealing with cryptocurrencies on an economic level, Russia has decided to launch its own cryptocurrency exchange.
Lawmakers in Russia have been making necessary amendments to the local laws to make room for a national cryptocurrency exchange.
There was a time when half the government and the lawmakers were not supporting cryptocurrencies. The technology was resisted by the government as they were considered mainly unregulated.
However, with the current economic pressure building up on Russia, it is a wise decision to adopt cryptocurrency technology.
Now, almost every authority in Russia is supporting the adoption of cryptocurrencies and the launch of a national cryptocurrency exchange.
The Central Bank of Russia alongside the Ministry of Finance is all in to support and back the national crypto exchange.
Changes to the Digital Assets Legislations
It was reported on November 23 that the Russian parliament’s lower chamber (Duma) has launched discussions to make changes to the current legislation governing digital assets.
Russia now seeks to make changes to the “On digital financial assets” legislation that it introduced in the year 2020. With the amendments, the country would be able to launch a cryptocurrency exchange.
Until now, Russia has not allowed Russian locals or businesses to use cryptocurrencies in local jurisdictions as a payment method.
It has even prohibited government officials from holding cryptocurrencies, asking them to sell any in their possession in late 2021.
Over time, as the country’s diplomatic situation has changed on a global scale, it has recognized cryptocurrencies as a safe haven.
The country is now eager to adopt cryptocurrencies and it is also attempting to legalize cryptocurrency mining.
Russia is already among some of the most powerful countries to have welcomed cryptocurrencies. As Russia adopts cryptocurrencies on a local level, the adoption of crypto and their valuations would skyrocket.