The Russian IT company Yandex, which operates the Yandex search engine, recently announced (1) that it would incorporate cryptocurrencies into its currency converter.
Now, users may examine information on as many as 143 of the most prominent cryptocurrencies and details about the different national currencies, including Bitcoin (BTC), Ethereum (ETH), Binance USD (BUSD), and many more.
Yen to Dollar Conversion Using Yandex's Currency Converter
The price chart and a quick translation tool will be displayed directly above the search results when you enter a search term with keywords associated with a particular cryptocurrency. The software that is employed by the search query can understand even jargon or imprecise wording in the query, according to Yandex.
Coingecko, a cryptocurrency rankings platform that offers a financial analysis of the crypto market, is the primary provider of crypto-related data that Yandex utilizes. Yandex relies on this provider for its crypto-related data.
At this time, the value of cryptocurrencies can be represented in various fiat currencies, including Russian rubles, US dollars, Euros, and other currencies. Yandex intends to expand the number of pairs it supports in the future.
Also, the company intends to allow users to view the price of a certain coin expressed in terms of another cryptocurrency.
The launch decision came after significantly increasing the number of crypto-related search inquiries made on Yandex in 2022. The business claims that Bitcoin, Ethereum, Litecoin (LTC), Dogecoin (DOGE), and Solana have been the top five cryptocurrencies during the past several days (SOL).
Twitter had before introduced a function that was very similar to this one. Twitter users can search for listed business stocks and cryptocurrency values beginning in December 2022.
To do so, they must type crypto or stock tickers into the search box, which will generate the current value and a price chart. Also, a connection to the trading program Robinhood has been provided as a result.
Notably, the feature is not accessible in Russia because Twitter was restricted in the nation after the Russian government passed a law that makes illegal "fake" reports against the Russian-Ukrainian war. The bill punishes those who spread false information about the conflict between Russia and Ukraine.
Regulation of the Russian Crypto Market
A law titled "On Digital Financial Assets" was finally enacted in January of 2021. Transactions involving cryptocurrencies were made lawful; however, using cryptocurrencies to pay for goods and services was illegal.
In addition, by 2022, the Russian Ministry of Finance was progressing toward implementing a regulatory framework for cryptocurrencies.
A law that makes the use of cryptocurrencies and other digital assets as methods of payment illegal in Russia was signed into law by President Vladimir Putin in July. On the other hand, one takes a slightly different strategy when it comes to mining.
The Bank of Russia has approved legalizing bitcoin mining in Russia. Still, under one specific stipulation: miners must only sell their cryptocurrency on international exchanges and to individuals not residents of Russia.
Also, Russia will eventually sanction the use of cryptocurrencies for international trade. This raises many problems because the country's government still needs to clarify how it feels about crypto. On the other hand, in 2023, Russia is anticipated to provide more clarity on how the business should be regulated.