Russia May be Entering Bitcoin Space
The finance ministry of Russia has released a statement that they may begin utilizing the cryptocurrency strategies associated with bitcoin to help increase financial literacy within the country. This proposal would supposedly take from 2017 to 2023 according to reports released during the last week of September.
The strategy released was quickly approved by Dmitry Medvedev, the country’s Prime minister. The proposal will serve as a joint project between the Russian Ministry of Finance and the World Bank that will take two phases to complete. The first of those phases will happen during a two-year period from 2017-2019 and the second phase will take place from 2020-2023.
According to the Minister of finance, Anton Siluanov, “In the strategy to increase the financial literacy of Russians, it is necessary to include the topic of cryptocurrency. The question of investing in instruments such as cryptocurrencies will, of course, be discussed, and we now see more risks than recommendations on investing in such instruments. So, explaining the possible consequences of investing in unregulated instruments will be one of the issues with which we will speak for the current year and until 2023.”
A survey that was given out during the month of July concluded that around 28% of Russians have heard of cryptocurrency, let alone know what it is. According to the NAFI Project Manager Sergey Antonyan, “cryptocurrencies remain exotic for the overwhelming majority of our compatriots.”
It was also noted that there has been an increasing number of children in the country that have begun to invest in cryptocurrencies. School children from the ages of 11 to 17 years old were invited to participate in a competition where they would gain “experience in creating digital projects based on neural networks and blockchains and who own an investment portfolio of several cryptocurrencies.”