The Russian Ministry of Finance is intending to introduce KYC guidelines for cryptocurrency purchases favouring greater identity verifications and the desire for a more forbearing and regulated legal mechanism and structure.
The announcement came in less than two months from the expected completion. Russia has come a long way with respect to its cryptocurrency regulation and its position especially after considering to introduce legislation that would jail cryptocurrency users.
Russia went a bit ahead this April when the Russian finance minister announced the intentions to acknowledge the existence of Bitcoin as a legally authorised financial tool to fight the concealment of money.
‘Ulmart’ which is Russia’s largest online retailer announced on accepting Bitcoin payments for selected items. Soon after it, the rumour regarding Central Bank developing its own digital currency was confirmed recently by Skorobogatova, Deputy Governor of Central Bank.
He said that it would be a joint project between the Central Bank and Eurasian economic community to use blockchain technology for financial services.
This big initiative by Russia is contributing majorly by disrupting the economic status quo which is overall a reflection of the drastic changes in the global economy.