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Rural Russia Prepares to Attract Crypto Loans

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A proposal was presented for Non-Bank Credit Organizations at the Russian Expert Council. To attract funds from abroad it wanted rural businesses in the country to receive Crypto loans. The chairman of the Council was a State Duma member. The chairman asked rural credit cooperatives to study about Cryptocurrency and educate rural residents about the same.

Alexei Lazutin is the chairman of the Council of the National Association of Pawn Shops. He attended the meeting of the Expert Council for Non-Bank Credit Organizations. There he proposed allowing Microsoft organizations to issue loans on Cryptocurrency. Alexi Lazutin said, “Today there are companies that are starting to issue loans secured by Cryptocurrencies.” “If we establish and implement such mechanisms that will allow us to receive Crypto loans from credit institutions, this will help to attract money to the development of the village from aboard thereby contributing to the development of the Russian economy as a whole.”

Evgeny Shule is a member of the state Duma Of the Russian Federation. He said,” Rural credit cooperatives need to master blockchain and Cryptocurrencies in order to be in the trend.”. He added, “we will ask the rural credit cooperatives to study what blockchain is and what the general trends in this area are, to think about how to train the villagers in these technologies.”

Current Condition

In the rural area of Russia rural credit cooperatives, are voluntary, nonprofit associations. They provide services to preserve the personal savings of members. Members are both depositors and creditors. Russian regions like Volgograd, Rostov, Kaluga, Penza, Leningrad, Perm, Tomsk, Tyumen, Nizhny, Novgorod, Yaroslavl regions and the Republic Of Dagestan are successfully running coops.

 

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