The St. Peterburg Social Commercial Bank or SPCSCB recently stated that they are embarking on a project concerning the regulation of cryptocurrency. The project will likely open up new opportunities for the use of cryptocurrencies in the country.
With the increasing popularity of blockchain and cryptocurrency based assets, the demand for the market is at an all-time high. The SPSCB says they are aware of this, and because of it, trying to proliferate the use of cryptocurrency within Russia’s borders.
The Bank has stated that they are going to implement a plan that would give customers the option to transfer fiat currency into blockchain based-currency that would be able to use the Smart contract technology employed by blockchain.
For those who don’t know, a smart contract is a program that allows the transferring of cryptocurrency based on stipulations set by the two parties involved in the transaction. Once the rules within the contract are met, the paying party automatically releases the funds to the payee.
One of the founders of the new program, Vlaimir Tikhomirov recently stated that “at the present time, the owners of cryptocurrency are limited in possibilities to use their funds. But people have already had the desire to use available funds including sharing them with their relatives. Our service extends the range of possibilities and allows people transferring their cryptocurrency even to a grandmother who has never heard the words Bitcoin and Ethereum.”
With the popularity of cryptocurrency always on the rise, the creation of new programs like the one aforementioned, will only help to grow the market to the size it could be. As the market grows and new potential arises, the number of people who utilize this form of currency will continue to rise accordingly.