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Blockchain.com supports Russian ruble despite local uncertainty about cryptocurrencies

May 22, 2020

Blockchain.com, a major provider of wallet and blockchain data, plans to support the Russian currency ruble (RUB). Although some major exchanges like Binance have included the Russian ruble, there is still no law that allows cryptocurrencies to circulate in Russia.

On May 20, Blockchain.com announced its long-term work plan, “The Next Era of Cryptocurrency Wallets and 1B by 2030”. In a post by Peter Smith, CEO and co-founder of Blockchain.com, the company explained the addition of the Russian ruble as part of its mission to increase the current user base from around 50 million purses to 1 billion accounts by 2030. .

Russian users make up a “large chunk” of Blockchain.com’s traffic and volume

Blockchain.com will launch support for Russian rubles “in the coming weeks,” according to the post. The planned launch is in response to the apparent demand from a large number of Russian users on Blockchain.com for cryptocurrency trading. The company said:

“We will be one of the few exchanges that support the Russian ruble. Russian users are already a large part of our traffic and exchange volume. We are happy to make it easier for Russian users to exchange cryptocurrencies in their local currency.”

Blockchain.com supports Russian ruble despite local uncertainty about cryptocurrencies
Blockchain.com supports Russian ruble despite local uncertainty about cryptocurrencies

The Russian ruble will be the fifth fiat currency supported on Blockchain.com, Smith noted. The Russian national currency will join the US dollar, British pound, the euro and the Turkish lira, the CEO said.

Other exchanges integrate the Russian ruble despite the uncertainty

Blockchain.com, based in London, is one of the world’s largest cryptocurrency companies, responsible for 27% of all Bitcoin (BTC) transactions since 2012. The company’s decision to list the Russian ruble came shortly after Binance, the world’s largest cryptocurrency exchange, quietly started ruble trading in October 2019. At that time, Binpen CEO Changpeng Zhao said Russia was among the top 10 markets for Binance.

The news of the ruble listing on Blockchain.com comes shortly after another UK-based cryptocurrency company has activated a new feature for Russians. On May 19, Wirex display the introduction of credit and debit card purchases in Russia using cryptocurrencies. The company has yet to answer Cointelegraph whether the company has received regulatory approval from the Russian authorities to launch the feature.

Russia fines crypto breaches with fines of up to $ 30,000

Apparently, regulating cryptocurrencies in Russia wasn’t too urgent since none of its crypto-related laws have yet been passed. Since the launch of Russia’s first crypto law in 2018, the local government has repeatedly postponed its adoption due to disagreements over cryptocurrencies between different agencies.

The last delay in adoption came in late March 2020, when Russia postponed adoption of its cryptocurrency law due to the coronavirus situation. Anatoly Aksakov, chairman of the State Duma Financial Markets Committee, then said that the next law would ban the use of cryptocurrencies as a means of payment in Russia. On March 16, a legal entity told the Russian central bank that the law prohibited the issuance and circulation of cryptocurrencies.

According to recent reports, Russian lawmakers are considering punishing crypto breaches with fines of up to 2 million rubles (US $ 28,240) and imprisonment of up to seven years.

Blockchain.com did not immediately respond to Cointelegraph’s request for information. This story will be updated when they respond.

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