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Russia’s Largest Online Retailer Planning To Accept Bitcoin As Payment

Bitcoins in Russia

Ulmart May Accept Bitcoin As Payment

Ulmart, Russia’s largest online retailer may start accepting Bitcoin as payments. The company is in planning to start accepting it from 1 September,2017.

Initially exchanging and trading of Bitcoins in Russia may land up the concerned person in jail. Russia was totally against Bitcoin. But as Bitcoin started to gain huge popularity and countries such as Japan started to recognize it as a legal tender, it made Russia to change it’s decision.

Russia is in now planning to recognize Bitcoins as legal in 2018

Ulmart, Russia’s largest privately held Internet Compnay which specializes in E-Commerce stated that it’s decision was based upon a belief that as technology is evolving , Bitcoin along with Blockchain is becoming part of the new financial technology. Realizing  this fact the company want’s to stay technologically updated to remain in the competition.

The Chief International Officer of Ulmart, Brian Kean stated:

“We welcome the willingness that the Russian government has demonstrated with regards to the review of the bitcoin technology and look forward to cooperating with it in this area. Ulmart believes such initiatives as bitcoin can be part of the efforts to develop ‘smart’ economy and cities and will aim to play a major role in this process.”

Kan also mentioned:

“Life is ever in flux. The bitcoin was created to offer security against fluctuations in hard currency. As the technology behind the crypto-currency slips unseen into our everyday lives via the Internet of Things, it has become one of those ‘why not’ moments. Tomorrow is today in the world of blockchain and as a leader, Ulmart strives to be ahead of the market.”

The company has not yet presented any kind of list of products which the consumers can purchase through Bitcoins, the company might consider targeting high-priced products like apartments, used cars, art pieces, etc.

Dmitry Kostygin, the Chairman and majority shareholder of Ulmart said:

“Ulmart started closely monitoring the market and regulatory environment for the use of crypto-currency in Russia as early as March 2014. As the blockchain technology is coming into our operations to fight counterfeit items, we see that the mystery that existed around the bitcoin three years ago has significantly receded.”

As mentioned above also, Russia was reluctant when it comes to usage/exchange/trading of Bitcoins. But now Russia is taking steps towards Blockchain technology and Bitcoins. An international Bitcoin and Blockchain conferece was even organized in Moscow,Russia earlier this year in which international speakers also participated and explained the benefits of Blockchain. Even Russian banks are now considering to adopt Blcockhain technology.

KryptoMoney.com was associated with the Conference as it’s marketing partner. The conference was successfully concluded with huge number of delegates attending the conference. Here are full details related to the event.

Indian Government has also established a committee to study and examine crypto currencies such as Bitcoins. It is likely that Indian may  recognize Bitcoin.

Recently, Australia also recognized Bitcoins as legal tender of money. Further, it removed it from GST/VAT. Click here to read full details.

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