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The Russian banks agrees to legalize Crypto

In today’s world we cannot imagine a life without digital money. The digitization of wallets has made our lives so much easier. We do not have to worry and carry our wallets everywhere, just a mobile phone and we are good to go. One such digitization is crypto which has started to rule over slowly across the world. One such news comes from Russia where the Russian bank has now leaglised Crypto for cross border payments. This news from Russia is very revolutionary as it would promote people for investments and other such activities.

 

Russian Government and Crypto

 

Bitcoin in a file photo

Credits: indianexpress.com

The finance minister has realized the importance of crypto and has introduced a big one in its favor. The government has realized that Russians still rely on foreign platforms so as to open a crypto account. So, it is important to have such technology within the country to support their people and make their life a little easier. When a system is digitized specially in the financial sector it really helps the government to supervise the system all together.

 

Why Crypto?

 

Earlier, the government was not looking in favor of crypto currency. The president of Russia, Vladimir Putin also called out Crypto to be a little premature when asked about using it for trade. He said that crypto is premature for it to be used in the oil and natural resources sector. Now, the government has taken steps to improve the conditions and has opened a gate. But this has to be kept in mind that the Russian government has not opened it for domestic transactions but only for cross border transactions and payments. The government has made it clear that they are legalizing the crypto currency but only if it doesn’t enter into Russia’s domestic system.

 

The government also made it clear that it is important to keep regulating according to the new advancements in the market. The situation has changed and it is important to change with the situation. The government also mentioned that the crypto currency is still rigid to be in cross border payments.

 

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