From the time of inception, the cryptocurrency sector has gained enough adoption to be recognized globally. At its peak, the industry even managed to surpass the valuation of Apple. The industry is now home to more than 19,000 cryptocurrencies, 500+ cryptocurrency exchanges, and multiple blockchain ecosystems. Similarly, the industry now has multiple subsectors.
Current Situation of the Cryptocurrency Industry
The cryptocurrency industry has even made it to the mainstream and institutional sectors. Still, the industry hasn’t earned as much recognition and trust level as other online trading instruments.
For the cryptocurrency industry, one of the major drawbacks is indeed the lack of trust of the mainstream investors in the sector. Even though the industry has worldwide recognition, it still lacks a regulatory framework.
This is one of the major reasons why the mainstream sector and countries from around the world are not adopting cryptocurrencies.
Every country is looking at its neighbouring countries to see how they treat cryptocurrencies. So far, it is only El Salvador that has legalized and adopted cryptocurrencies. There is no other country other than El Salvador that was taken such a step.
As the countries have stayed on their back foot, it has worked against the cryptocurrency industry hurting its market reputation. Therefore, people are not investing in cryptocurrencies the way they’re supposed to. Instead, the fear is increasing among people due to the increase in inflation and interest rates. They are now backing away from making investments in cryptocurrencies, which has pulled the crypto industry lower.
Russia May Boost the Crypto Sector
While most the countries are staying away from Cryptocurrencies, Russia may be getting ready to take a step further into cryptocurrencies. The hint comes from a very credible source, Denis Manturov, who is the trade and industry minister of Russia.
He has hinted that sooner or later, Russia is going to make the decision about legalizing cryptocurrency payments.
Manturov has revealed that the government of Russia and the Russian central bank are working together on this matter. So far, they have come up with multiple possibilities for cryptocurrency payments and different implementation strategies.
He added that it is the finance ministry of Russia that has proposed the idea of legalizing cryptocurrency payments. The “On Digital Currency” bill has been passed for the very purpose and confirms how the Russian government is perceiving cryptocurrencies.
The adoption of cryptocurrencies as legalized payment methods comes as Russia is eager to fight off the sanctions the US and the UN have imposed.
Russia’s adoption of cryptocurrencies will definitely offer a huge helping hand to major cryptocurrencies if not all. Once Russia adopts cryptocurrencies, other countries will definitely do the same, boosting the entire cryptocurrency sector.
At the time of writing, Bitcoin is trading at $30,326 while Ethereum is trading at $2027. In the past 24 hours, the values of BTC and ETH have experienced over 2% gains. If Russia makes an announcement about legalizing cryptocurrencies, then their values will definitely experience the boosts they want.
The post Russia May Offer a Great Help to Cryptocurrencies in Near Future appeared first on CryptocyNews.com.
from CryptocyNews.com https://www.cryptocynews.com/russia-may-offer-a-great-help-to-cryptocurrencies-in-near-future/
via Bitcoin News
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