The Russian Ruble connection with Cryptocurrency and what You need to know
There’s definitely something big for us geeks to expect with the Russian President, Mr. Vladimir Putin being named as “The Most Influential Person in the Blockchain Industry”, by Changpeng Zhao, CEO of a major cryptocurrency exchange platform Binance.
According to an article published by the RBC News on October 22, 2019, Changpeng Zhao, also known as CZ among the crypto community, pointed to the Russian president as the most influential person in the blockchain space. He further stipulated his belief in the adoption of a bill on regulating digital money in the Russian Federation in the near future.
CZ also revealed that Binance may provide access to its user information to the Russian Finance Regulatory authorities if the need arises. He also left a message to those engaged in criminal activities directing them not to link themselves with the platform in any way possible, saying “As a rule, Binance does not provide user information to any regulator en masse. But, in some individual cases, Yes! Therefore, if you are engaged in crime, you don't sign up with us.”
The BTC Prospect
Mr. Zhao concluded his words by telling his own story of how in 2014, he sold his house to purchase Bitcoin before a drop of $400 straight from $600 despite which, how he managed to hodl (a slang in cryptocurrency world, meaning to hold the cryptocurrency rather than selling it) it to the present day when the BTC stands at $7484.62.
The story was his way to dictate his belief in the world’s rapidly growing and certainly the most popular cryptocurrency.
The Russian Ruble Connection
It was also reported that Binance will soon be adding support to the Russian currency- The Russian Ruble. “The integration of Russian Ruble to Binance’s platform is a way to encourage Russians in buying cryptocurrency directly, using their money without having to spend extra in conversions.”- CZ spoke at an Open Innovations Forum led by the Russian Govt. in Moscow.
While the addition of the Russian Ruble-Crypto pair has been confirmed by Binance, there are only unclear details or explanations on why the Ruble was selected as the first fiat-crypto trading pair.
Let’s anticipate an explanation from Binance very soon.