Russians and Cryptocurrency
Cryptocurrency is becoming an increasingly popular payment option in Russia. It has become a significant part of the Russian economy, with many Russians turning to cryptocurrency as a way to invest their money. This article will explore the role of cryptocurrency in Russia and how it is being used by Russians.
History of Cryptocurrency in Russia
The first mentions of cryptocurrencies began appearing around 2009 when Bitcoin was launched. However, it wasn’t until 2014 that the use of cryptocurrencies really started to take off in Russia due to the country’s economic crisis caused by Western sanctions imposed over its annexation of Crimea from Ukraine. The sanctions had severely limited access to traditional banking services for Russians, which made digital currencies more attractive as an alternative means for conducting transactions online or abroad without having to rely on foreign banks. Since then, cryptocurrency usage has been steadily increasing among individuals and businesses alike across all regions in Russia.
Regulations Governing Cryptocurrencies
In 2017, President Vladimir Putin signed into law regulations governing digital assets such as cryptocurrencies following several months of discussion within government circles about how best to regulate them while ensuring consumer protection and encouraging innovation at the same time. According to this legislation, only registered exchanges are allowed operate freely (i.e., transact fiat currency like Rubles) while unregistered ones still have some freedom but must adhere strictly follow anti-money laundering laws (AML). Furthermore, companies dealing with cryptoassets are obligated register themselves with the Central Bank by submitting financial statements detailing their activities quarterly or semi-annually depending on their operations type (exchange vs issuer/trader). Finally – any earnings acquired through trading or mining cryptoassets must be reported under Russian tax laws just like any other income source would be subject too – thus allowing government authorities keep track these funds better than before when they were mostly untraceable outside local jurisdiction borders..
Adoption & Usage Rates Among Russians
Despite regulatory uncertainty surrounding digital assets during early stages adoption period amongst citizens remains strong – according current survey results published late last year almost 40% respondents declared owning at least one form cryptoasset whether be Bitcoin Ethereum etc.. Meanwhile amount those actively using coins day–to–day basis increased significantly since 2016 now stands around 12%. Moreover number people investing larger sums into ICOs also risen sharply past few months showing growing confidence public sector towards technology itself even amid bear market conditions prevailing throughout 2018…
Conclusion
Although government regulations have slowed down growth rate some degree overall trend appears positive both terms widespread acceptance adoption rates amongst population general public – especially younger generations who seem most open embracing new technologies advance society further forward economically socially culturally speaking! Despite challenges faced remain optimistic will continue see increase levels support coming out Moscow future hopefully leading eventual full legalization status soon enough!
