More than 56 percent of Russians have effectively known about Bitcoin, as indicated by an overview directed by "All-Russian Center for the Study of Public Opinion, or VCIOM," deciphered by Bitcoin.com
The prominence of Bitcoin and cryptocurrency as a developing resource class among the adolescents in Russia has expanded exponentially grown the previous couple of months. The overview uncovered that 75 percent of people between ages 18 to 24 have found out about Bitcoin, and 74 percent of Russia's capital Moscow's populace is presently mindful of the cryptographic money.
Nonetheless, just a minority of the people that have effectively found out about Bitcoin comprehend that Russian subjects and occupants can put resources into the digital currency showcase. More than 16 percent of the people with basic information in Bitcoin still think putting resources into Bitcoin is unlawful in Russia.
State of the cryptocurrency market in Russia
For many months, the Russian authorities have teased the regulation of its local cryptocurrency exchange market. In early October of last year, Russian authorities agreed to legalize cryptocurrencies and regulate the country’s cryptocurrency market by licensing exchanges.Finance Minister Anton Siluanov was quoted by local media outlet TASS news agency as saying:“The President has spoken of the problems related to cryptocurrencies. These are difficulties regarding ... money laundering and cases that are related to identification issues. That’s why we have agreed that the state should regulate the issuing of cryptocurrencies, their mining and turnover. The state should take all this under control.”At the time, Siluanov and the rest of the Russian government came to a consensus to implement strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies to prevent money laundering and cryptocurrency businesses from running fraudulent operations.In October, the Russian Finance Ministry stated publicly that it plans to regulate the Russian cryptocurrency market by the end of 2017. In December of the same year, Anatoly Aksakov, the chairman of State Duma's financial markets committee, noted that a cryptocurrency bill has been introduced and it will likely be adopted in March 2018."The problem is that we already have a lot of people who acquire [cryptocurrencies] and they are deceived, we need to give people the opportunity to work legally with it, to protect them as much as possible," said Aksakov.The Russian president Vladimir Putin has ordered the government to set up regulations for the trade of Bitcoin and other cryptocurrencies, ICOs and mining by July 2018Earlier this month, the Russian President said in an interview with TASS: “This is the prerogative of the Central Bank at present and the central bank has sufficient authority so far. However, in broad terms, legislative regulation will be definitely required in future.”Moreover, in late 2017, Putin also requested the Russian government to regulate its cryptocurrency mining industry properly, as an increasing number of mining centers have reallocated to Russia to utilize its cheap resources and electricity.Several Russian provinces and cities have also been encouraging cryptocurrency miners to relocate their businesses from other leading regions like China to Russia, as the global cryptocurrency mining industry evolved into a multi-billion dollar market.
Is Russia ready for a Major Cryptocurrency Market ?
As appeared in the review said above, more than a fourth of Russians that are as of now mindful of Bitcoin and the digital money advertise still trust that cryptographic money interest in Russia is unlawful, and absence of directions inside the nearby market is limiting the reception of Bitcoin.
Appropriate direction of the Russian digital money market would likely prompt a surge in premium, request, and volume, enabling Russia to go up against Japan, the US, and South Korea as a noteworthy cryptographic money showcase.
Source : Cointelegraph