A researcher in Russia has predicted that the nation would soon see “mass” adoption of cryptocurrencies, with digital versions of the Chinese yuan and the ruble both seeing a surge in popularity.
Igor Belskikh, a Doctor of Economics and researcher noted that cryptocurrency is now “growing in popularity” in Russia. He remarked that crypto had evolved into a tool that enabled Russians, for instance, to “move” cash overseas without declaring them to the authorities.
According to him, the current “popularity” of cryptocurrencies is “related with the capacity to move money swiftly across borders without incurring foreign exchange costs or tax payments.”
He highlighted that customs agents were virtually unable to “take migrants’ cash away.” Moreover, he added that these were the reasons “everyone” was now “rushing” to crypto.
In the next years, cryptocurrency may become the most popular pastime among Russians, according to Belskikh.
The expert stated that “thousands of Russians” have previously used crypto as a secret cash exchange method. He said they had “purchased cryptocurrencies” with rubles and “just converted it into the local national currency” upon arrival.
In this way, he noted, Russians have “purchased real estate, equities, and bonds” and “paid for schooling.” The professor said that governments in Russia and others were far behind investors, so it is very simple for crypto users to conceal their coin ownership and use.
Belskikh concluded that cryptocurrency has arrived “in earnest” and “forever” on our planet. Russian citizens and the government in Moscow are apparently looking for digital and analogue alternatives to the greenback as a result of sanctions meant to lock Russia out of the dollar-powered global economy.
Last month’s end saw the issuance of “digital financial assets” by Russian business Lighthouse, reaching over $8.3 million backed by commercial debt. The Central Bank has granted the firm special permission to trade in “digital financial assets.”
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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