FinTech projects are interested in the Russian market
According to the Russian Association of Cryptoindustry and Blockchain, between the Central Bank of the Russian Federation and the international union of virtual currencies Terra, it is possible to enter into an agreement on testing the alliance in the regulatory sandbox of the Central Bank.
Terra is an ambitious crypto project to create a stable coin using e-commerce. Already today more than 15 important members of the international e-commerce alliance are on his account. The project itself, according to its creators, is an alternative to traditional payment systems. Users who own local coins can make online purchases with an additional cashback of 0.5%. However, according to experts in Russia, this figure can reach 7%.
According to analyst reports, this crypto project will help to save its funds not only to buyers of online stores, but also to sellers. According to their initial estimates, innovation will allow retailers to save up to 22 billion rubles a year. However, without the approval of its activities by the Central Bank of the Russian Federation, such a system cannot operate in the state.
The problem is that Terra is a security guarantor of digital currency, which limits the functionality of the project in Russia. If the agreement between the two financial structures is signed, then next year we should expect the opening of Terra stores, as well as the import of more profitable Korean products. So far, the central financial institution of the country speaks only about setting up loyal zones where cryptocurrencies can operate. By the way, what regions these authorities will be in no hurry to tell. However, according to experts, this is not exactly what the innovative commercial project aspires to.
Benefits of the financial future of Russia from FinTech projects
According to experts, the Russian Federation itself needs this cooperation. Since the cryptocurrency project, Terra can help the state to get rid of the absolute dependence on such popular payment systems as Visa, Mastercard and PayPal. Another reason why the entire Russian market is so closely monitoring the development of events is that this agreement will be the first step of the Central Bank towards crypto-cooperation. If everything goes well and the testing conditions satisfy both parties, then other digital currency projects may discover the previously inaccessible Russian market.
In addition, according to experts, projects like Terra can show the regulator how a crypto industry can bring real financial benefits, estimated at billions of rubles.
As was mentioned above, the Ministry of Economic Development of the Russian Federation has already developed a plan in which regions crypto projects can be tested. The founders of the innovation are confident that this initiative will allow companies to circumvent sanctions, and the state to develop a legislative framework for the regulation of cryptocurrencies. A number of Russian regions are already interested in the project, namely Tatarstan and the Kaliningrad region.