While the war conflict between Russia and Ukraine unleashed a series of sanctions against the Eurasian giant that have somehow affected financial structures on a global scale that may trigger an economic recession without present, it is no less true that the conflict has boosted the acceptance and adoption of cryptocurrencies.
Many news in favor of cryptocurrencies have been developed in these months of war, the latest news that came to public light is that the Russian Ministry of Finance will support the development and creation of stable cryptocurrencies only if they are anchored to the Russian ruble.
According to information socialized by Ivan Chebeskov current director of the financial policy department of the Russian Ministry of Finance, the Russian government considers providing support for the creation and use of stable cryptocurrencies if they are anchored to valuable assets such as the ruble, gold, oil or grains.
For Chebeskov, if a business, company, investor has the need to pay or invest with stable currencies, we will always support this type of initiatives, as the official believes that a stable currency anchored to valuable assets is the right way to develop our technology.
This new stance softens the scenario in favor of cryptocurrencies, since we must remember that the Central Bank is betting on the issuance of the digital ruble, this because according to its managers it would combine all the advantages of a digital means of payment and would provide full confidence. Let's wait how both positions will develop in time.
SOURCES CONSULTED
News.Bitcoin Russia’s Finance Ministry Supports Circulation of Stablecoins in Country. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: News.Bitcoin
hello @lupafilotaxia
The problems of the world economy have served to strengthen much more cryptocurrencies despite the great detractors , no doubt that in a short time will be one of the strongest economies than the traditional ones and will serve for there to be a real financial freedom
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Hello @dgalan
You have expressed it in the best way, I agree with you that the problems that the world economy is going through and the conflicts of war, are somehow having a positive impact on the cryptocurrency market.
Kind regards, be well.
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Hi @lupafilotaxia
What the hard times have shown is that the adoption of cryptocurrencies becomes more tangible, because it is a way to get rid of situations where, by relying on central currencies, they could put the economy of.a nation or even several countries at a clear disadvantage.
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Hello @josevas217
Correct all the chaos going on, has somehow allowed the adoption of cryptocurrencies is becoming a tangible fact.
Best regards, be well.
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@tipu curate
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Upvoted 👌 (Mana: 0/5) Get profit votes with @tipU :)
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Do you think that stable coins can be used as an alternative to fiat currency in the future for digital payments in the crypto space? Not sure how much practice it is but can be a possibility. what is your point of view?
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Hello @alokkumar121
Regarding your questions of whether I believe that stablecoins can be used as an alternative to fiat currency, my answer in YES, even in my country Venezuela there is an experience that has been working basically developed a stablecoin with minimum fluctuation whose value is anchored to the price of oil. From my perspective you can create stablecoin and instead of issuing printing units without any justification that end up creating inflation, these stablecoin can be anchored to precious materials such as gold or even oil.
Best regards, be well.
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Currently, every major government is trying to build its own stablecoin pegged to its national currency. USA, China, Russia...etc. These will not be decentralized coins, but I think they will help governments and regulators be more open about cryptocurrencies (at least I hope so)
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Hello @qsyal
Well said, I fully agree with your assessment as indeed I also believe that these types of initiatives will help governments and regulators to be more open regarding cryptocurrencies.
Kind regards, be well.
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The war and all the gloomy things are bad news perhaps this crypto adoption can be seen as the silver lining to the dark clouds.
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