Sunday, August 25, 2019

Big Time Russian Social Networks Now Accepting Bitcoin

Two of Russia’s most prominent social networking platforms have recently revealed that they will start accepting payments in the form of cryptocurrency.

Vkontakte, the most popular social media among Russians, with 470 million registered accounts, and Odnoklassniki, which boasts a plethora of subscribers from former Soviet states, announced they will take bitcoin from advertisers. With this in mind, they also expressed interest and the possibility of paying developers and partners in cryptocurrency.

Both Bitcoin (BTC) and Bitcoin Cash (BCH) will be accepted by Mytarget, a platform which the two social networks work with. The transaction will be carried out by US-based payment service provider Bitpay and will go through the My.com subsidiary of Mail.ru Group. As of now, this is not yet a reality but the companies guarantee that it will be in the near future.

The advantage in this new scheme will primarily be enjoyed by those who already conduct business in cryptocurrency. Payment in the form of crypto will provide its associates with maximum opportunities to develop their businesses.

This move by the Mail.ru Group will be highly-valuable for the Russian crypto-sector. Considering that a whopping 85% of all the internet users in the country are under the coverage of the Mail.ru Group, which also controls Qiwi, a Russian payment service provider.

With the imminent rise of crypto-related transactions, the country’s Ministry of Economic Development has already introduced proposals regarding tax breaks on profits and incomes from cryptocurrency-related operations.

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