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MetaMask and Ethereum Integration May Boost Crypto Adoption in Russia

source-logo  thecoinrepublic.com 03 December 2022 21:19, UTC
  • The Russian Bank will use MetaMask and Ethereum.
  • Crypto adoption is rising among the emerging economies.
  • Crypto sector had a market cap of $856 Billion at the publication time.

Crypto Initiative for Russian Developers

Crypto adoption is rising globally despite the chaos this sector has witnessed this year. Recently, the largest Russian bank, Sber, has announced in a press release that it will integrate Ethereum and MetaMask in their blockchain ecosystem. Ethereum is currently one of the most admired crypto platforms in the world, same goes with MetaMask with respect to crypto wallets in the industry.

The virtual wallet received a lot of criticism from the users after the organization updated their privacy policies. Edward Snowden, a former CIA employee and privacy advocate, raised questions over MetaMask following the event. He called the act a “crime” on just society.

According to a recent Chainalysis report, Vietnam holds the top position in the crypto adoption race. The country shows a high purchasing power across P2P crypto tools, Decentralized Finance (DeFi), and more. Russia is currently at no. 9 in the index. But the Sber’s move towards crypto can increase the citizens’ interest in the digital assets.

Ukraine has climbed up to number three as the country received massive amounts of donations in NFT and cryptocurrencies. China is back in the top 10 despite their harsh take on the virtual assets. The report says that the reason behind this might be the loose or ineffective regulations by the lawmakers.

According to the Russian press release, the partnership will enable the devs to independently move smart contracts as well as projects operating on the platform. A local news media reported that the lawmakers intend to launch a crypto exchange in the nation.

Russia is currently engaged in a war against Ukraine. They attacked the majority of the power grids on the victim nation which caused a blackout in almost entire country. The Guardian reported that the country is increasing the use of Kamikaze drones supplied by Iran to them.

The war saw an increased activity in the crypto sectors belonging to Russian and Ukrainian territories. Ukraine also received a lot of donations in digital assets during the war, escalating the adoption in the country. The integration of MetaMask may increase the virtual asset adoption massively concerning the sanctions they are facing globally.

The pattern shows that emerging economies show more adoption in contrast to the developed countries. People in these nations primarily use digital assets to transfer remittances globally.

Source: CoinMarketCap

Crypto market currently has a market cap of $856 Billion at the publication time. Bitcoin and Ethereum were up by 2.4% and 5.3% respectively during the week. The sector showed a positive struggle in November 2022 where it successfully surpassed $ 1 Trillion for a short timespan.