Russia Proposal to Allow Crypto-Loans to their Citizen to attract funds from Abroad

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A proposal was presented at the Russian Expert Council for Non-Bank Credit Organizations to allow rural businesses in the country to receive crypto loans to attract funds from abroad. The chairman of the council, a State Duma member, is asking rural credit cooperatives to study and educate rural residents on crypto currency.

At the meeting of the Expert Council for Non-Bank Credit Organizations, the chairman of the Council of the National Association of Pawn Shops, Alexei Lazutin, proposed allowing microcredit organizations to issue loans in crypto currency.

Rural credit cooperatives in Russia are voluntary, non-profit associations, providing services to preserve the personal savings of members through the issuance of affordable loans. Members are both depositors and creditors established in a number of Russian regions including Volgograd, Rostov, Kaluga, Penza, Leningrad, Perm, Tomsk, Tyumen, Nizhny Novgorod, Yaroslavl regions, and the Republic of Dagestan.