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After a long run of stories explaining how administrations are looking to clamp down on the cryptocurrency sector, the tide is now moving the other way.

First we had two significant stories from Venezuela, whose economy is crippled and in desperate in need of a fix. The South American administration is preparing a new cryptocurrency called “petro gold” that will be backed by precious metals. President Nicolas Maduro is also launching an oil-backed token that has not been particularly well received by Blockchain experts.

Now onto Russia, where the chairman of the State Duma Committee for Economic Policy, Sergey Zhigarev, has proposed a wholesale legalization of cryptocurrencies at recent parliamentary hearings. He believes that such a move will attract foreign investments, including from countries that have imposed sanctions on Russia.

He said: “The legalization of digital currencies as a means of payment can help attract investments from foreign countries, including Western ones with sanctions, so we have an instrument that will help us attract the capital we need today. There will be a transformation of the whole banking and financial system. Intermediaries will disappear, and we need to be ready for this.”

Zhigarev also noted that soon large companies with their own cryptocurrencies could enter the market, adding that “we will witness the birth of a new market, free and open. It is to be hoped that Russian companies are involved.” (Source: Bitcoin.com)