Some Positive News Amid Negativity
The crypto market has been going through some tough times for the last few months with some of the popular crypto projects collapsing.
The crash of one of the big crypto exchanges FTX was something that sent the shockwaves across the crypto industry.
We have seen the prices of the cryptos plummeted sharply putting pressure on different crypto companies as well as the investors and the crypto community.
In all this negativity, good to see some positive news coming out of Russia.
Russia is close to legalize the cross borders trade in Bitcoin, cryptocurrency, according to the head of Finance committee.
According to the Finance Committee, in January 2023,Russia will legalize international trade in crypto.
The Roadmap was laid down by Russia back in January 2022. Soon, the idea gained steam and different government bodies began endorsing it.
The bank of Russia which was the toughest government body to be convinced as it has previously called for a complete ban on Bitcoin and cryptos, first nodded to the possibility of allowing Bitcoin and crypto as a mode of payments for international trade back in June but then in September it agreed with the Finance Ministry.
However, according to Anatoly Aksakov, who is Russia’s Congressional finance committee chairman, mentioned that although Russia is taking steps allowing Bitcoin andn cryptocurrency payments for imports, it has no plans of encouraging similar usage of the burgeoning assets within its territory.
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Thanks for sharing this news! 😊
I could foresee how Russia, of all first world societies, would be likely to try use the blockchain technology, particularly with Bitcoin, to keep track of its population. The current powers would have a very deep interest in doing so, and it would reflect the attitudes that existed back several decades ago when the USSR was still together. There are nefarious motives behind this, and the people will have to find ways to take self-custody and go under the radar.
Self custody is important.
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