Huobi is all set to make its mark in the Russian crypto market as the exchange’s CEO Leon Li recently met Sergey Glazyev, advisor to Russia’s President Vladimir Putin. According to an official statement by Huobi, the two dignitaries engaged in discussions earlier this week at the exchange’s Beijing office.
Glazyev, who also happens to be a prominent economist, has been vocal about the government’s stance towards cryptocurrencies and blockchain technology, and the role Huobi can play in this context.
In his opinion, the exchange has significant potential in Russia and will have a ”positive effect on Russia’s economic growth.”
“If Huobi Group can set a good example for the market, it will be of great help to Russia’s national legislation on blockchain cryptocurrencies,” he added.
Most recently, banks in Russia hit crypto headlines after local media reported that these lenders were willing to work with digital currencies in the near future. However, banks have largely held back on offering crypto-related services on account of regulatory uncertainty in the country.
Nevertheless, Glazyev is optimistic of how blockchain technology can contribute significantly in administrative processes. “The cryptocurrency industry is still booming and expanding, and almost every country on the planet is making an attempt to grow the crypto-space,” he pointed out.
He has also advocated for the use of this innovative technology to fight corruption and financial scams. In his words, blockchain can be used “even in administrative processes, such as smuggling prevention, since this is the best technology for transaction transparency and risk prevention.”
Notably, he has opined that digital assets play a vital role in the development of blockchain technology. “They are inseparably interconnected. I hope some advanced countries will use blockchain and digital technology in their national market organizations, because they can help make the money market more sustainable, transparent and less risky,” he highlighted.
Huobi in Russia
With this development, the Russian crypto industry could soon see changes that would encourage wider adoption of virtual currencies.
Earlier, Huobi had come together with VEB-Innovation Fund to share notes based on cryptocurrency regulation. The developing regulatory norms in this country will likely boost blockchain and cryptocurrency-related businesses.
In May, the State Duma’s Committee for Legislative Work had approved the first reading of regulations for cryptocurrencies, which clearly defined such assets as property.
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