August 19, 2022

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Russia, between the ban and the creation of its own cipher

Russia, between the ban and the creation of its own cipher

The project was presented by Anatoly Aksakov and aims to ban the use of cryptocurrency payments while Russia develops a digital component

Russia she has conflicting positions Regarding the use of cryptocurrencies. Although he had thought of using it as a means of payment Sanctions imposed by the central bankFor, it didn’t take long for the voices against it to become visible.

Anatoly Aksakov, Chairman of the Financial Markets Committee of the Lower House of the Russian Parliament, State Duma, introduced a bill prohibiting the use of “Digital Financial Assets” (DFA) to pay for any type of goods or services.

Details of the project that: “The ruble is the official monetary unit of the Russian Federation and imposes a ban on the introduction of other monetary units or monetary substitutes on the territory of the Russian Federation.”

Cryptocurrencies have played a key role in the conflict between Ukraine and Russia

Is Russian Cryptocurrency Coming?

on the other side, Russia has announced that in April 2023 it will begin testing its digital ruble with real customers and with him Use of smart contracts.

“We plan to start from April next year a Demo project with real customers and real operations”, revealed the deputy head of the Russian organizer, Olga Skorobogátova.

According to Skorobogátova, at the moment, “most of the demo banks are involved in testing operations”.

From next April, Russia will conduct tests for Use of smart contracts To carry out the recorded agreements between the various parties, without being controlled by any of the agents involved.

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President Vladimir Putin and different positions on crypto assets

President Vladimir Putin and different positions on crypto assets

What happened to Ukraine and cryptocurrency

For its part, Ukraine took a step forward and on February 18 passed a law on Legalization of Bitcoin and other cryptocurrencies.

The European country ranks fourth in the world in terms of Encoder adoption (According to a report by Chainalysis.)

When Vladimir Putin confirmed on February 24 the start of the invasion UkraineThe The cryptocurrency market was negatively affected by the newslike other investment vehicles such as stocks in Stock market.

price Bitcoin drops to $34,000 per unit (-15% that day), but it quickly bounced back and went back to the values ​​it was solidifying at.

This market reaction revealed the strength Cryptocurrency to redeemEven in the face of world-changing news.