Posted 1 year ago | by Ben Armstrong
Crypto Exchange Binance to add Fiat Pairs, Starting with Russian Ruble
Binance CEO Changpeng Zhao announced that fiat options were coming to the platform, when he was Speaking at the Open Innovations 2019 conference in Moscow yesterday. The exchange has mostly dealt with tokens up to this point, but there may be a raft of fiat options on the way.
“We’re adding support for fiat trading. In about two weeks or so, we should have support for Russian ruble trading, direct.”
Binance has been an innovator in crypto trading, and is one of the exchanges that innovates constantly. It has already set up fiat gateways in Singapore, Jersey, Uganda, and the U.S. It also just created a stablecoin that will be fixed not to fiat, but to the value of Bitcoin Cash (BCH).
Russians Won't Read About it on Cointelegraph
Russia has an interesting relationship with cryptocurrency. Unlike its neighbor China, which banned tokens outright, Russia does allow its citizens to have crypto holdings. The nation also recently blocked popular crypto news site Cointelegraph nationwide, after quasi-blocking it for a few years.
According to Johann Bihr, the head of the Eastern Europe & Central Asia Desk at Reporters Without Borders:
“Since their largely failed Telegram blocking last year, the Russian authorities have been actively working to enhance their online censorship system. A major turning point was the ‘Sovereign Internet’ law signed by President Putin on 1 May, which is taking Russia much closer to the Chinese model. This law will be implemented gradually from 1 November onwards, and Roskomnadzor has been installing and testing these new tools in the past few months.”
The censorship doesn't seem to extend to allowing exchanges like Binance to have access to Rubles, or even presenting new ideas about crypto trading in the heart of the Russian capital.
Wider Crypto Use is Coming
With every new liquidity and payment option, more and more people can potentially use cryptos for their business, or personal life. The Ruble trading options that Binance is developing will help Russian businesses gain liquidity for their crypto holdings, or hedge cryptos in their local currency.
Russia and China are both working to create tools that give their central banks more Independence from the Western (US) financial system, but it might be crypto entrepreneurs that beat them to the punch.
Cryptos have the ability to fully leverage the global IT system to make financial transactions simple, fast, and cheap. Now exchanges like Binance are filling in the gaps to make it interface smoothly with the existing financial system.