Blockchain.com Supports Russian Ruble Despite Local Crypto Uncertainty
Blockchain.com, a significant cryptocurrency wallet, and blockchain data provider, intends to promote Russia’s national currency, the Ruble (RUB). Although some large exchanges like Binance have included the Russian Ruble, there is still no law authorizing the circulation of crypto in Russia.
On May 20, Blockchain.com declared its long-term roadmap, “The next era of crypto and 1B wallets by 2030.” In a post authored by Peter Smith, Blockchain.com CEO and co-founder, the firm described the addition of the Russian Ruble as part of its mission to develop its current user base of about 50 million crypto wallets to 1 billion accounts by 2030.
Russian users make up a “large portion” of Blockchain.com’s traffic and volume.
According to the post, Blockchain.com will begin Russian ruble support “in the coming weeks.” The proposed launch comes in acknowledgment of an apparent desire to trade crypto from a large number of Russian users on Blockchain.com.
The firm said in a statement, “We’ll be one of only a handful of exchanges that support the Russian Ruble. Russian users already make up a large portion of our traffic and exchange volume. We’re excited to make it easier for Russian users to trade crypto in their local currency.”
The Russian Ruble will become the fifth backed fiat currency on Blockchain.com, Smith noted. Russia’s national currency will enter the United States dollar, the British pound, euro, and the Turkish lira, the CEO elaborated.
Other exchanges going Russian Ruble despite the uncertainty
London-based Blockchain.com is one of the world’s biggest crypto companies, accountable for 27% of all Bitcoin (BTC) transactions since 2012. The firm’s resolution to list the Russian Ruble comes soon after Binance, the world’s largest crypto exchange, quietly started fiat ruble trading in October 2019. At the time, Binance CEO Changpeng Zhao said in a statement that Russia was amongst the top 10 markets for Binance.
Blockchain.com’s ruble listing news comes soon after another United Kingdom-based crypto firm approved a new crypto characteristic for Russian people. On May 19, Wirex declared the launch of crypto buying with fiat credit and debit cards in Russia.
Russia to criminalize crypto violations with fines up to $30,000
Russia’s cryptocurrency regulation has not been too much urgent as none of its crypto-related laws have been used so far. Since opening Russia’s first crypto bill in 2018, the local government has repeatedly been limiting its adoption amid disagreement across crypto between various authorities.
The most advanced obstacle on the adoption came in late March 2020, when Russia delayed the appropriation of its crypto law due to the coronavirus situation. Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, said in a statement that the upcoming law would prevent the usage of crypto as payment in Russia. On March 16, a legal executive at Russia’s central bank stated that the bill would prevent the issuance and circulation of cryptocurrencies.
According to the newest reports, Russian lawmakers are contemplating criminalizing crypto violations with fines up to 2 million rubles ($28,240) and imprisonment for up to seven years.