Cryptocurrency Is Now Getting Attention On A Global Scale
Are you familiar with what bitcoin is? That cryptocurrency can now be traded against real, paper currency on Moscow’s Stock Exchange. This now makes Russia the first exchange to have cryptocurrency be an investable asset for investors.
The country’s Deputy Minister of Finance told Rossiya 24, this week that the RTS Micex was offering qualified investors the ability to trade in cryptocurrency to avoid money laundering operations. In order to be a qualified investor in Russia, someone needs to have at least six million rubles in personal assets or two hundred million rubles for investment firms.
Though this doesn’t necessarily halt money laundering in Russia, the move of the market signals that the country is pushing ahead with the adoption of blockchain technology in order to boost the national use of digital currency.
“We really need to be able to track deals and transactions in these currencies,” said Alexei Moiseyev, Deputy Minister of Finance.
Vitalik Buterin, a programmer born in Russia, created Ethereum. This is a two-year-old blockchain-based platform that has a digital currency called ether. Between ether and bitcoin, these are the largest cryptocurrencies in Russia.
“Recognizing the extraordinary popularity of crypto-currencies among Russian users, some of the Russian regulators are lobbying a permissive rather than a prohibitive approach to the new technology,” says Anar Babaev, co-founder of ICOBox in Moscow. Many of the Russian developers are working out of the U.S., Canada, and Europe as well.