The Bank of Russia has reached to an agreement with the Russia's federal government and Russia is going to accept crypto assets as currencies. From now onwards doors of Russia are widely open for cryptocurrency, but there its own story.

Bank Side of Story - 'Yes Boss'

The Russian central bank in fact has demanded a ban on cryptocurrencies many times, citing its views on financial stability and public welfare. However, nobody supported that view, instead other Russian government institutions (including the Russian Ministry of Finance and even President Vladimir Putin) were favoring crypto by citing it as modern economic technology. (Read here)

Therefore, the Central Bank was left the with no choice, this consent was nothing more than Bank's bowing down to the government.

Crypto Side of Story - 'Asset or Currency Confusion'

Although, this is positive news for the crypto world because Russia is second most Hash rate place in the Planet; but people are wondering if Russia is going to accept crypto as asset or currency?

Surely Russia cannot accept every cryptocurrency as currency, hence there is speculation that Russia will accept Bitcoin or Ethereum as currency and the rest as assets.

Ethereum Side of Story - 'Hope'

Ethereum's founder Vitalik Buterin is of Russian origin, so Ethereum may find importance in Russia. In 2017, Vitalik Buterin entered into an agreement with Yota Devices, a Russian mobile communications and connectivity company, and Veneshkonombank (VEB), a Russian state-owned Bank for Development and Foreign Economic Affairs, for advancing the Ethereum blockchain technology in Russia; but it could not proceed due to gas price issue.

Other Side of Story - 'Crypto in Ukraine'

There has been dispute between Russia and Ukraine, the Russian army is stationed on the border of Ukraine, ready for war. In such a situation, financial support for possible war expenditure is being raised in Ukraine through cryptocurrencies.

Crypto may be the deciding sector in the time to come.