Smart regulation could make Russia the next big market for Bitcoin

Russia to aim high and become the next great market for Bitcoin, while the government continues to encourage the mining of Bitcoin and is moving closer to a consensus regarding the regulation of foreign exchange market dedicated to crypto-currencies.


First, launch a crypto-currency from State…

In a statement released by the Kremlin, Vladimir Putin has explained that, as the United States, Japan and South Korea, Russia needs a regulatory framework, as well ficellĂ© to oversee the trade and activities related to crypto-currencies. However, it does not ban the digital currency. “As you know, many countries are seeking ways to regulate the circulation of crypto-currencies and begin to develop the legislative framework necessary to get there. Thus, we need to create a regulatory environment that allows to codify the exchanges in this area and reliably protect the interests of citizens, businesses and the State. It will also provide legal guarantees for the use of innovative financial instruments, ” he said.


…Then, establish a clear regulatory framework

Earlier this week, we revealed that the Russian president Vladimir Putin had approved the launch of the cryptorouble. It is a digital currency status cryptographically secure. Several analysts have speculated that the launch of the cryptorouble would lead to a national ban of Bitcoin and other crypto-currencies. However, according to Putin, this will not be the case. In addition, the Russian central Bank plans to regulate the bitcoin and all other crypto-currencies.

If the mining of Bitcoin and the currency market of crypto-currencies in Russia show a rate of exponential growth supported by a regulatory framework well established, the country could become very soon a player of scale in the market of crypto-currencies.

Source : Cointelegraph