This week, Russia’s State Duma announced that the cryptocurrency bill is ready to see the world, but the coronavirus defers the date. This legislation will give some important outlines on digital currency in the country and may even prompt the issuance of a digital Ruble.
Last week on Friday, the Central Bank of the Russian Federation made a negative statement against Bitcoin (BTC) and other cryptocurrencies, stating that their fiat currency known as the ruble should be the country’s only legal tender instrument.
Local farmers and small-scale businessmen from the town of Kolionivo have decided to create their own digital currency called Kolion. The initiative was spawned by mistrust in the country’s paper ruble that has been losing its position on the world’s financial market, CNN reports.
A spread of over 100 USD between two Fiat currencies allows for great profit on international Bitcoin exchanges. The Bitcoin value difference is getting wider by the week between the Russian Ruble and the Brazilian Real currencies, and this difference is also a symptom of how Bitcoin is spreading across the world.