Russian Expert Council might allow small businesses to receive Bitcoin and cryptocurrency funds

Alexei Lazutin, the Chairman of the council of the National Association of Pawn Shops has proposed to allow small businesses to receive crypto loans during the Expert Council of the National Association of Pawn Shops meeting. He backed the proposal by saying that this would attract foreign funds and will lead to the growth of small business in the country.

As per the Russian Parliamentary newspaper, he says, [translated from Russian]

“If we establish and implement mechanisms that will allow us to receive crypto backed loans from the credit institutions, this will help to attract money for the development of small businesses from abroad, thereby contributing to the development of the Russian economy as a whole.”

After the proposal was made, the chairman of the council has given instructions to the rural credit cooperatives to research and educate rural residents on cryptocurrency.

The chairman, Evgeny Shulepov, also a member of the State Duma of the Russian Federation, says,

“In order to be in the trend, Rural credit cooperatives have to expertise in blockchain and cryptocurrency”

He further added,

“The Rural Credit Cooperatives will be studying about blockchain and the trends in the said field.”

He believes that the villagers need to be updated with the current trends in order to maintain constant improvement and hence has asked the Rural Credit Cooperatives to come with strategies to educate the rural people of Russia.

Alexander Abramovich, a student at Lomonosov Moscow State University says,

“It’s quite remarkable how the Expert Council has understood the value of educating people regarding cryptocurrency. We will be seeing the moon soon if this actually comes into action.”

Taylor Keith, a Financial Advisor at a law firm in London says,

“There is no regulation in Russia as of now and people can exploit this opportunity and use it for their own selfish benefit. Overall, a good step though!”

Even though there is no cryptocurrency regulation in Russia right now, a proposal has been made in the parliament regarding the same. This can actually change the course of events as Russia is one of the biggest players in the market and is a strong influencer in the global economy. For Russia to accept cryptocurrency is a huge step towards a blockchain future.

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