Russia Allows Cryptocurrency Using in the Region of Crimea

Russia Allows Cryptocurrency Using in the Region of Crimea

Russian internet ombudsman Dmitry Marinichev suggested permitting the usage of cryptocurrencies to citizens of Crimea. In his opinion, legal entities and people registered in Crimea have to be allowed to use cryptocurrency wallets and make transactions with Bitcoin and different cryptocurrencies.

Elaborating on his proposal, Marinichev suggested the opening of cryptocurrency exchanges, as he believes it will assist attracting new investments to the region. He referred to the example of Hong Kong that has managed to create one of the largest Bitcoin exchanges. A crucial precondition for this initiative is the creation of a free financial region in the peninsula.

Dmitry Marinichev said:

“Nowadays Crimea is a special financial region, which makes it possible to begin with the opening of cryptocurrency exchanges working there truly legally. As a result, we can see the real legalization of cryptocurrencies.”


Elina Sidorenko, the head of the operating group for the assessment of dangers of the usage of Cryptocurrencies at the state Duma of the Russian Federation, explained that latest regulation has addressed a number of the most pressing problems in banking in Crimea. Bringing to the table cryptocurrency-based payment instruments and using it for worldwide transactions was mentioned among different initiatives to enhance the banking environment at the peninsula. Ultimately this concept had died.

Moreover, the status of cryptocurrencies is not described in Russian regulation, despite the fact that in the previous few years we have seen numerous attempts to put cryptocurrency into a legally defined framework. In December 2016, Alexey Moiseev, Deputy Finance Minister of the Russian Federation, announced that the Ministry of Finance is awaiting to pass a regulation introducing a ban on trade operations with Bitcoins and national currency not earlier than in autumn of this year.

However, a number of the most influential banking business players think that Blockchain technology laying in the core of cryptocurrencies is valuable for the reshaping of a worldwide economic system. For example, specialists in Sberbank, which has been actively testing blockchain technology during the last 12 months, believe that by 2018 we can see a much wider scope of software of Blockchain in the economic enterprise.

It is suggested that cryptocurrencies have huge ability to connect regions and people who have been overlooked by traditional types of banking to the worldwide economic environment. There is a number of growing markets, which nevertheless continue to be incredibly untouched by current banking offerings. They show the fast developing internet infrastructures.


Alex Fork, chief executive Officer at Humaniq, said:

“Unbanked areas typically include a financially poor population. The most crucial thing is to offer them with a brand new technology available free of charge. It is important to supply the provider to the client in such a way that they do not meet any problems.”

Moreover time, we see that governments are careful about regulating cryptocurrencies. Maybe piloting initiatives in unbanked areas can create an unusual win-win situation. people and businesses who’ve been failed by traditional banking could be empowered with a brand new economic tool, at the same time as regulators will get an ideal possibility to test and innovate and eventually make up their minds about the way to deal with this bizarre creation known as Bitcoin.

Alex Fork mentioned:

“Of course, apprehension of governments concerning cryptocurrency is not just the innovation’s fear. The concept of checking out the project within a small region of Russia is good. At least there can be a possibility to practice and to have some experience.”

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