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Bitcoin fits perfectly with the payment solutions offered by Yandex.Money, the leading Russian electronic wallet platform, the company’s media relations manager Nora Kirkizh told BitcoinMagazine.

In September at the Finnopolis FinTech Forum held in Kazan, the platform's CEO Maria Gracheva announced that Yandex.Money wants to be ready to facilitate cryptocurrency transactions, given they are not ruled illegal.

Nora Kirkizh confirmed that Yandex is paying close attention to cryptocurrencies. She emphasised that the technology behind cryptocurrencies can be used as a foundation for Yandex own products, such as Yandex Payment Solution, currently used by 76,000 online stores. However, bitcoin must have clearly defined legal status in Russia for Yandex to be able to integrate it, she said.

“Cryptocurrencies have their pros and cons. On the one hand, it’s an inexpensive technology and it’s very easy to implement, and so as soon as it becomes legal to work with them, basically any payment service will be able to quickly implement the technology,” continued the Yandex team.

The legal status of bitcoin and other digital currencies in Russia is still undecided. While the head of the Russia's largest bank admitted having digital currency himself, the Ministry of Finance released a draft law under which the emission of cryptocurrency might be punished by up to 2 years of corrective labour.

 

Aliona Chapel