Cryptocurrencies aren’t completely legal in Russia. While there are some traders who operate the Russian crypto market, the country hasn’t finished legalizing digital currencies so far. There were accusations that crypto trading actually helped money laundering, and that the government forbade some dealings.
However, Russia is a vast country with substantial consumer potential. That’s why the major cryptocurrency wallet and blockchain data provider Blockchain.com decided to add the Ruble to its trading platform.
Blockchain announced its plan to support Russia’s national currency at the end of May. If everything goes according to the schedule, the company will launch Russian Ruble support on their platform in June 2020.
The firm issued an article titled “The next era of crypto and 1B wallets by 2030” recently. Peter Smith, Blockchain.com CEO and co-founder, as well as the author of this document, spoke about the new venture.
According to Smith, the addition of the Russian Ruble is only a part of the company’s mission. They intend to use this branch to grow the platform’s current 50 million crypto user base to 1 billion by 2030.
Is this the first case of the Ruble trading against cryptos?
Some big exchanges, Binance among them, have already introduced the Russian Ruble. However, as there is no law authorizing the circulation of crypto in the country, the market is still relatively untouched. However, Russian users make up a large portion of Blockchain.com’s traffic and volume. So the company decided to use this golden opportunity and make an attempt at a growing market with great potential.
If we take into account that a large number of platform’s Russian users instigated this venture, as they asked for the chance to trade the Ruble against cryptocurrencies, Blockchain.com seems set for roaring success.
So far, the company plans to enable Russian Ruble trading against two major cryptocurrencies, Bitcoin and Tether. This underlined that Blockchain.com’s wallet would be one of only a handful of exchanges that support the Russian Ruble.
The company also stated that they are glad to make it easier for Russian users to trade crypto in their local currency. According to Smith, in the case of success, the Russian Ruble will become the fifth supported fiat currency on Blockchain.com.