Russia and bitcoin have never been best friends by any means. Local regulators still feel Bitcoin and cryptocurrency pose a threat. However, it looks like the tide is slowly turning in favor of Bitcoin. Ulmart, the country’s largest online retailer, will soon start accepting Bitcoin payments. That is a major validation for the popular cryptocurrency moving forward.
A lot has changed in Russia over the past few months. Not too long ago, conducting Bitcoin transactions could have been subject to jail time. Fast forward to today, and the country seems to embrace cryptocurrency. Or to be more precise, its retailers are doing so. Ulmart, Russia’s largest online retailer, wants to accept Bitcoin come September 2017.
This is a rather remarkable decision by the retailer. Ulmart has been a very popular marketplace in Russia for quite some time now. It seemed there was no demand for Bitcoin support until not too long ago. The company wants to keep innovating and work with new technologies. This also means they want to experiment with new payment solutions. Bitcoin is one of the concepts that piqued their interest.
It has to be said, the Ulmart team has always looked favorably upon Bitcoin. The team started monitoring the regulatory environment for cryptocurrency back in 2014. Now that blockchain technology has become more prevalent, accepting Bitcoin payments seems like a good idea. Moreover, it appears the mystery and negativity surrounding Bitcoin in Russia is receding. That is a welcome change of pace that could bode well for the future of cryptocurrency.
It is unclear if the entire Ulmart catalog can be purchased in Bitcoin come September. Right now, the company is still finalizing the implementation of this payment option. Higher-priced items are expected to be purchasable with Bitcoin from day one. This means using cars and even apartments can be bought with cryptocurrency in Russia very soon. Luxury items and Bitcoin are an interesting combination, to say the least.
In the end, Ulmart made this decision from a “why not” mindset. There is no harm in accepting cryptocurrency payments By using the right payment processor, companies hedge against BTC price volatility. Moreover, with the increasing Bitcoin price, more people will look to spend cryptocurrency on high-end items. This could turn out to be a smart business decision by Ulmart.
Things are finally heading in the right direction for Bitcoin in Russia. The government has tried to be more open-minded toward this technology. So far, this seems to be working out quite well for all parties involved. An interesting future awaits Bitcoin and cryptocurrency, that much is certain.
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