Crypto in Russia
Russia, one of the most powerful countries in the world, has a history of a love-hate relationship with cryptocurrencies. A specific topic the Soviet Union focused on was technological advancement and technical teachings. Although the empire has collapsed a long time ago, these remain a powerful component of Russian society. As a result, out of the top 50 blockchain startups by funds raised, 20% were Russian.
Earlier this year, Changpeng Zhao, CEO and founder of the largest cryptocurrency exchange, stated: “I have seen very few other leaders with this level of understanding so far. Most others are still at the level of, how do we issue a version we can control? Misses the point”.
Laws & Regulations
It has been an ongoing question as to whether or not it is legal to own/trade cryptocurrencies in Russia. This was especially true when a bill was proposed to make them illegal in the country. Last week, the bill that was passed made the buying and selling of digital assets possible and taxable similar to properties. An important note to be made is that they cannot be used as a legal tender; form of payment.
Sberbank is one of the largest and most recognized banks in Russia. According to the Russia media outlet Vedomosti, they are working on launching their own Ruble-pegged stablecoin. According to Igor Kuzmichev “Sberbank’s specialists have been working on the technical and legal possibility of issuing Sbercoin as a settlement tool for a long time, therefore, undoubtedly, the adoption of the law on CFA will become a trigger that will significantly increase the intensity of work in this area.”