Russian Search Engine Yandex Adds Cryptos to Its Currency Converter

Cryptos on Yandex Currency Converter

Once you enter a search query that contains keywords related to a particular crypto, you will see the price chart and a quick conversion tool right above the search results. According to Yandex, the software used by the search engine is able to recognize even slang or imprecise language in the query.

Yandex relies on Coingecko, a cryptocurrency ranking platform that provides a fundamental analysis of the crypto market, to source the crypto-related data. For now, the value of cryptos can be displayed in Russian rubles, US dollars, euros, and other fiat currencies. In the future, Yandex is planning to add more pairs, as well as offer the option to see the price of a particular coin in another cryptocurrency.

The initiative has followed a boom in crypto-related search queries on Yandex in 2022. According to the company, the top five cryptos have been Bitcoin, Ethereum, Litecoin (LTC), Dogecoin (DOGE), and Solana (SOL).

Earlier, a similar feature was launched on Twitter. Starting in December 2022, Twitter users can search for listed company stocks and cryptocurrency prices by typing crypto or stock tickers into the search bar to generate the current value and a price chart. The result also includes a link to the trading app Robinhood. Notably, the feature is not available in Russia since Twitter was blocked in the country as the Russian government passed a bill that criminalizes “fake” reports against the Russian-Ukranian war.

How Is Crypto Regulated in Russia?

Back in January 2021, a law “On Digital Financial Assets” entered into force. The law defined cryptocurrency as “an aggregate of electronic data capable of being accepted as the payment means, not being the monetary unit of the Russian Federation or a foreign state, and as investments.” It legalized cryptocurrency transactions but prohibited their use as payments for goods and services.

Further, in 2022, Russia’s Ministry of Finance was pushing forward with its plan to regulate cryptocurrencies in the country. In July, Russian President Vladimir Putin approved a law prohibiting the use of digital assets as forms of payment in the country. However, the approach differs slightly when it comes to mining. The Bank of Russia has supported the idea of legalizing cryptocurrency mining in Russia, but only on one condition: miners need to sell their crypto only on foreign exchanges and to non-residents of Russia.

Besides, there is also a possibility of Russia approving cryptos for cross-border transactions. This brings in a lot of questions since the stance of the country towards crypto is quite ambiguous. However, in 2023, Russia is expected to provide more clarity on industry regulation.