Positive Signals from Russia: Will Cryptocurrency Transactions Become Legal?

Cryptocurrency developments in the sector continue at full speed, including countries issuing their own cryptocurrencies. The idea of central bank-backed cryptocurrencies, which gained momentum especially in 2019, has become a completed project in many countries. Russia is also progressing towards becoming one of them.

Russians React to Digital Ruble

A survey conducted by BankInform.ru, one of Russia’s largest banking news websites, reveals what Russians think about this issue. According to the information provided, a significant portion, like 32%, of the participants in the survey do not trust the Digital Ruble to be issued by Russia’s central bank at all. It is claimed that this is a kind of fraud, and the same participants emphasize that it should be approached with caution.

While 21% of the participants stated that they are not interested in the subject, 13% emphasized that they will give a chance to Russia’s own cryptocurrency. Although a large majority of Russian citizens approach this with concern and reaction, the project continues to progress. The Digital Ruble, announced in 2020, gained momentum with the presentation of the draft two years later. This draft, recently approved by the Duma, is now being presented to the main assembly. It is stated that this will take at least two more years, and the developments are definitely exciting.

Russia in the Spotlight with Restrictive Project

In the announcement made by the Ministry of Digital Development in July, it was stated that the use of this cryptocurrency nationwide will take place between 2025-27. While the plans were officially approved in this way, the transition to digital was also announced. Although it is stated that Digital Ruble is not a cryptocurrency or stablecoin, many people see it as a cryptocurrency. It is predicted that Russia will impose internal controls in some way.

China’s own digital currency also has similar restrictive features, and it can be said that Russia will definitely be associated with similar features. Nevertheless, it is believed that with the arrival of digital currencies, cryptocurrencies will gain more acceptance.