While some countries are busy trying to come up with laws to regulate the use of cryptocurrencies, others are busy coming up with laws to legalize digital currencies. In light of the events by the European Commission, member countries of the European Union are coming up with laws to regulate Bitcoin. Russia has however not made such steps, instead its doing the opposite. Last year Russia announced that it considers Bitcoin transactions and exchanges as legitimate in the eyes of the law. This was good news to the Cryptocurrency world considering that Russia is a country where laws relating to capital control are more strict than in most countries.

Dmitry Marinichev, Russias internet ombudsman, has made suggestions to bringthe use of cryptocurrencies to residents of Crimea. With Crimea in need of investors, Mr. Marinichev believes that opening of Cryptocurrency exchanges will help to attract new investors to this region. For this to be successful, a free economic zone will have to be created within the peninsula. Mr. Marinichev also had this to say on regulation of Cryptocurrencies in Russia: Today Crimea is an exclusive economic zone, which makes it possible to start with the opening of Cryptocurrency exchanges operating there absolutely legally. As a result we will see the actual legalization of Cryptocurrencies.

The head of the Working Group For the Assessment of Risks of Cryptocurrencies in the state of Duma of the Russian Federation, Elina Sidorenko highlighted that using Cryptocurrency instruments for international transactions would improve the banking climate on the peninsula. There is truth to that sentiment because major players in the banking industry do believe that the blockchain technology, which is the technology behind cryptocurrency, is the future of global financial system.

There is a significant number of regions in Crimea, which are unbanked. Residents of these unbanked regions of Crimea now have good news because transactions involving digital currencies do not need banks to be validated. Cryptocurrencies are completely decentralized and the blockchain technology ensures that transactions are validated, hence detecting any fraudulent or unauthorized transactions. Alex Fork, CEO of Humaniq had this opinion on the unbanked regions: Unbanked regions usually consist of a financially poor population. the most important thing is to provide them with a new technology available absolutely free of charge.

There have been countries, mostly in the European union, that in recent times are trying to regulate digital currencies because of criminals using them to commitillegal operations. These unbanked regions provide a chance to experiment and finally make a sound decision regarding digital currencies. The residents of these unbanked regions also get a chance to enjoy the exciting advantages of cryptocurrencies. This move by Russia provides a win-win situation for both the regulator and the residents. Its always good news in the cryptocurrency world when a new country joins.

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Cryptocurrency: Now in Crimea - Eastern Daily News