Since the introduction of the first cryptocurrency in the trading world, the entire trading economy seems to be shocked and surprised by its potential and what it has to offer. The current year in the cryptocurrency world has experienced a lot of volatility and continues to experience the same where Bitcoin (BTC) and Ethereum (ETH) experienced a high cap in their value throughout the lockdown period that were enforced globally due to the Covid-19 situation.
However, while these events caused the entire world’s economy to take a dip and shook the cryptocurrency world, the cryptocurrency has still remained stable and strong. This is the reason why many cryptocurrency and blockchain experts as well as trading experts have stated that the cryptocurrency and blockchain industry can become the most essential piece of the puzzle in solving the problems and issues that the world economy is facing currently.
With so much development going on in the crypto-world, even the economic giants of the world have demanded to regulate the cryptocurrency and blockchain industry so they can be legalized and made safe for the public as the finance sectors of these states to engage in such activities.
Recently, Switzerland has passed laws on the cryptocurrency and blockchain to regulate them from the customer’s assets safety, recovery of lost securities to fraudulent transactions point of view. This has provided the world of Cryptocurrency a strong ground to initiate their global plans for the world’s economy.
However, Russia seems to have come up with some unusual laws for the cryptocurrency and blockchain industry. Russia has recently passed a cryptocurrency law called the ‘On Digital Financial Law’. Thus far, this law has a very small impact on the entire crypto-economy but the most usual part of the law is that although it recognizes cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) as legal and authentic entities, it still prohibits these cryptocurrencies to be is used as the mode of payments.
This law has now been passed and circulated with the entire Russian economic pillars but the Russian companies and financial sectors are still avoiding their usage as they find the language and method of the cryptocurrencies to be alien in nature.