Confronted with the strict Financial sanctions on Russia by the western economy, Russians' activities around the crypto space have greatly increased.
On 26 February 2022, the Central Bank of Russia was blocked from accessing more than $400 billion in foreign-exchange reserves held abroad and the EU imposed sanctions on several Russian oligarchs and politicians following the Russian invasion of Ukraine, as reported by Wikipedia.
Due to these strict financial sanctions, Russia was forced to use cryptocurrency as means for cross-border transactions to bypass sanctions.
Most recent activities in the crypto space have shown a huge possibility for Russia to soon make cryptocurrency a legal tender as a report said that a closed meeting was held by the Central bank of Russia, specific Russian ministers, brokers, the Saint Petersburg Stock Exchange and Information system operators concerning adding cryptocurrency to exchange listing. This action aim is for effortless intercountry exchange with the aid of a cryptocurrency exchange system in the financial sector. This means that the Central bank of Russia has come to terms with the acceptance of cryptocurrency into the country's financial system.
In alliance with the adoption, crypto mining has been legalized in Russia, and businesses have been registered to that effect.
The world in Russia is getting closer to crypto adoption. The question is, how soon would this happen?
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