Binance is contemplating expansion into Russia, says the platform’s director for Eastern Europe.
Binance, the world’s leading cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange, is looking to expand its operations into Russia despite a ban recently proposed by the Central Bank and all the uncertainty that there is, given the contradictions between different government bodies, because even the President Vladimir Putin has spoken out against such a ban. .
According to Gleb Kostarev, Eastern European director of Binance The entry of crypto-exchange in Russia is strategically crucial for the company’s development.
“In Ukraine, Kazakhstan and Uzbekistan are more loyal to cryptocurrencies and are taking steps towards liberalization, rather than restriction. But local regulators are taking these steps with an eye on Russia.” Dijo Kostarev and Reuters.
“Our goal is to get a license and conduct legal business where regulation allows.”
In addition, the director stated that Binance está anticipando un enfoque regulatorio progresivo de Rusiawhich could serve as a model for comparable rules in adjacent countries.
Russia and regulation
As we have said, Russia has shown a strong desire to control its burgeoning cryptocurrency market an area or arena, online or offline, in which commercial dealings are conducted. and there are two quite marked positions: on the one hand regulation, on the other prohibition. According to the central bank, the total value of cryptocurrency transactions in the nation is around $5 billion USD each year.
Given the contradictions, this week, Russian President Vladimir Putin requested that the nation’s government and the Central Bank to reach an agreement on cryptocurrencies .
“The Central Bank does not stand in our way of technological progress and is making the necessary efforts to introduce the latest technologies in this area of activity.” said the Russian head of state.
In particular, Kostarev described the Central Bank’s proposed ban as “hard.” but said that “ for now, we consider this as an invitation to dialogue with the regulator”. . In addition, he said that the direction Russia chooses with regard to the regulation of cryptocurrencies could influence its neighbors.
It is worth noting that, for now, the use of cryptocurrencies is allowed in Russia and can be used for financial transactions; however, the use of cryptocurrencies for the purchase of goods or services is prohibited.
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