Blockchain.com, a major provider of wallet and blockchain data, plans to support Russia’s national currency, the ruble (RUB). Although some large exchanges such as Binance have included the Russian ruble, there is still no law authorizing the circulation of cryptomonies in Russia.
On May 20, Blockchain.com announced its long-term plan, „The Next Age of Crypt Coin Wallets and 1B by 2030“. In a post written by Peter Smith, CEO and co-founder of Blockchain.com, the company outlined the addition of the Russian ruble as part of its mission to increase its current user base from about 50 million wallets to 1 billion accounts by 2030.
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Russian users constitute a „large part“ of the traffic and volume of Blockchain.com
According to the post, Blockchain.com will launch a Russian ruble support „in the coming weeks“. The planned launch comes in response to an apparent demand for cryptomoney trading from a large number of Russian users at Blockchain.com. The company said:
„We will be one of the few exchanges to support the Russian ruble. Russian users already constitute a large part of our traffic and exchange volume. We are excited to make it easier for Russian users to exchange crypto currencies in their local currency.“
The Russian ruble will become the fifth fiduciary currency supported by Blockchain.com, Smith said. Russia’s national currency will join the U.S. dollar, the British pound, the euro and the Turkish lira, the CEO said.
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Blockchain.com, based in London, is one of the largest cryptosystems companies in the world, responsible for 27% of all Bitcoin transactions (BTC) since 2012. The firm’s decision to list the Russian rouble comes shortly after Binance, the world’s largest cryptomoney exchange, quietly launched rouble trading in October 2019. At that time, Binance CEO Changpeng Zhao said Russia was among the top 10 markets for Binance.
The news of the ruble’s inclusion in Blockchain.com comes shortly after another UK-based crypto-currency company enabled a new feature for Russians. On May 19, Wirex announced the launch of credit and debit card purchases in Russia using cryptomonies. The company has not yet responded to Cointelegraph about whether the company received any regulatory approval from Russian authorities to launch the feature.
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Apparently, the regulation of cryptomonies in Russia has not been too urgent, as none of its cryptomone-related laws have been adopted so far. Since the first draft of Russia’s crypto law was initiated in 2018, the local government has repeatedly been delaying its adoption amidst disagreement over cryptomontages between different authorities.
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The last delay in adoption occurred at the end of March 2020, when Russia postponed the adoption of its cryptomontage law because of the coronavirus situation. Anatoly Aksakov, chairman of the Bitcoin Code bitcoin leverage / Bitcoin Billionaire buy confirmation / ripple vs Bitcoin Era / The News Spy 1 bitcoin / Bitcoin Trader zec wallet / bitcoin Bitcoin Profit review / Bitcoin Circuit not letting me buy / Immediate Edge australian bank account / Bitcoin Evolution 90 mg tablet uses / how to transfer Bitcoin Revolution to gdax of the Russian State Duma, said then that the next law will ban the use of cryptomonies as payment in Russia. On March 16, a Russian central bank legal executive said the law would prohibit the issuance and circulation of cryptomoney.
According to the latest reports, Russian lawmakers are considering making cryptographic violations punishable by fines of up to 2 million rubles ($28,240) and imprisonment of up to seven years.
Blockchain.com has not immediately responded to Cointelegraph’s request for information. This story will be updated in case you respond.