Crypto News Flash # 11: Russia Developing A National Cryptocurrency Depository To Store Investor's Digital Assets After KYC Compliance !!!
Cryptocurrencies will be not be stopped by any country's regulation and China is living and perfect example of it. Despite all the Chinese cryptocurrencies ban, Bitcoin still hit ATH of $6200. If we talk about cryptocurrency market capitalisation, then it is still standing strong at $168.7 Billion.
Recently, Russia released a statement to ban cryptocurrencies but now, they are developing a National Cryptocurrency Depository.
Russia's National Settlement Depository (NSD) is developing a National depository where the large institutional investors as well as individual investors can store their digital assets with security. Russia's President Vladimir Putin released a statement where he instructed government to draft legislation to regulate cryptocurrency and blockchain space. Even, Russia is also planning to issue a state-backed cryptocurrency in later this year.
This move by Russia technically shows its potential to adopt cryptocurrency and blockchain technology for general use within the country's borders soon enough.
NSD Director also said that the Depository will follow all rules and KYC compliance to keep a control on money laundering activities. All the investors, institutional or individual alike, has to submit their personal address as well as identity proofs to deposit their digital assets into the wallet so as to maintain the reliability and security of overall functions.
Although, this Crypto Depository may also serve some major functions in near future as well like acting as a Crypto Bank or even as a Nation wide exchange.
Russia can really help crypto market to grow even further if its government could develop certain legislation regarding crypto currencies adoption.
Anyways, this National Crypto Depository idea would really help Institutional investors in Russia to safe keep their assets under proper compliance.
Let's hope best for the crypto market adoption in Russia in near future.
Thanks for reading ...!!
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Excellent news! There are some very interesting developments coming out of Russia at the moment.
Awesome post, Keep it up!