Russia is a global powerhouse for development talent and business acumen in the blockchain space. There has been a love-hate relationship with Russia and cryptocurrency. Russian government is taking into account recognizing it as currency, legalize it, and create clear regulations for cryptocurrency companies.
There are rules and laws being developed, but there is not a clear Idea of how exactly will Russia implement cryptocurrency on their country as a government. The one thing that everyone is sure about is that whatever Russia decides will impact the crypto community heavily.
Cryptocurrency is an enormous opportunity for Russian business and entrepreneurs, especially in their country, where access to startup and capital is limited. The Russian economy is struggling, but Russian blockchain projects can raise money from around the world. Additionally, they have the technical talent available in the country to be able to design and build the blockchain projects.
The blockchain and cryptocurrency are neither supervised or controlled by any bank or government. That was a bog potential threat to the Russian government. There had no control over the movement of transactions of their citizens. Putin criticized cryptocurrency until last year. His attitude towards blockchain changed and announced that Russia needed to work on its digital economy strategy.
The thing is that cryptocurrency is supposed to be a very free and independent way to earn and move your money. But Putin has met wit Vitalik Buterin(founder of the Ethirium blockchain) and is planning take control over the digital economy in their country.
TP Times 