ForexMinute.com – Already going through rough economic times, Russia is reportedly planning to rollback its decision to ban all sorts of cash equivalents, including cryptocurrencies like Bitcoin.
According to a report published on RT, Russia’s Ministry of Economic Development has shown concerns about the ban’s possible outcome, which could negatively impact the country’s major telecom operators, retailers and bank. As per the government body, the proposed ban lacks precision and literally leaves cash equivalents uncertain enough to handle their loyalty programs and marketing campaigns to attract new customers.
“The ban, for instance, would hit Sberbank’s “Thank you” program hard. Millions of mobile operator subscribers won’t be able to collect their bonus points either,” RT reporter Jim Urquhart writes.
Russia, which is currently on the verge of economic collapse due to being bound by economic sanctions by the US, also needs to focus more on financial innovations rather than banning them. WebMoney Development Director Peter Darakhvelidze said:
“The proposed draft regulation act doesn’t solve any tasks assigned, but only serves to create legal barriers to the implementation of marketing programs of businesses and business development in general.”
After the response of the Ministry of Economic Development, the Ministry of Finance is likely to make some amendments to its existing draft, thus allowing alternate currencies like Bitcoin to breathe properly in a favorable environment. In a worst case scenario, they could even pass the exact same bill, thus creating difference in the parliament.
To contact the reporter of the story: Yashu Gola at email@example.com