Russia’s Crypto Regulations: Impacts on Global Fintech and SMEs
Russia is making headlines with its stringent regulations on crypto payments, stirring up quite a buzz in the global fintech community. So, what’s the deal? The country insists that crypto assets, like good old Bitcoin, are strictly for investment. This leaves us wondering about the implications for international cryptocurrency adoption and small businesses.
The Regulatory Landscape in Russia
Let’s break it down. Anatoly Aksakov, the head of the State Duma’s Financial Markets Committee, has laid it out thick: crypto will never be seen as legal currency in Russia. Everything must be paid in rubles. Backing this, the Bank of Russia has always been against using cryptocurrencies for payments, calling them speculative tools rather…
