A proposal was presented at the Russian Expert Council for Non-Bank Credit Organizations to allow rural businesses in the country to receive crypto loans to attract funds from abroad. The chairman of the council, a State Duma member, is asking rural credit cooperatives to study and educate rural residents on cryptocurrency.
Proposal to Allow Crypto-Loans
At the meeting of the Expert Council for Non-Bank Credit Organizations, the chairman of the Council of the National Association of Pawn Shops, Alexei Lazutin, proposed allowing microcredit organizations to issue loans in cryptocurrency.
Citing that "Today there are companies that are starting to issue loans secured by cryptocurrencies," he was quoted by the Russian Parliamentary newspaper:
If we establish and implement such mechanisms that will allow us to receive crypto-loans from credit institutions, this will help to attract money to the development of the village from abroad, thereby contributing to the development of the Russian economy as a whole.
Rural Credit Coops Asked to Study Crypto
In response to Lazutin's proposal, the chairman of the aforementioned expert council who is also a member of the State Duma of the Russian Federation, Evgeny Shulepov, said "Rural credit cooperatives need to master blockchain and cryptocurrencies in order to be in the trend," the Parliamentary newspaper reported.