Personal Interest of Putin: The Imminent Legalization of Cryptocurrencies?
Two days ago @jrcornel published the news: Russia is currently in the process of writing a new Bitcoin law. Honestly, I did not share the enthusiasm for this news, because as a citizen of this country, I understand how certain initiatives and laws work here…
In my opinion, we would get an unprocessed law that takes into account only the interests of the state and infringes upon the others market players. Or, this process would not go further oral discussion, and in the end the government will forget about bitcoin before its next spike in price.
But, today's news makes it clear that Russia is really interested by the theme of blockchain, not only in cryptocurrencies and its regulation, but also in the development and use of technology in General
Today at the SPIEF hosted a session on "the Blockchain-the birth of new technology", at the end of which the first Deputy Prime Minister Igor Shuvalov said:
The President is completely "sick" of this theme (blockchain), and he understands that gap and significant growth are based on digital economy and technological leadership.
That phrase means a lot. In Russia there is only one thing that can force to work the state apparatus- it's a personal interest of Putin.
Therefore, with high probability, in the next 1-2 years we can expect that Russia will recognize and legalize the cryptocurrencies as an electronic product or money equivalent.
Realizing the benefit to the economy, the State has also identified a number of other tasks:
- Creation of a common platform on the basis of blockchain for personal identification.
- The application of this platform in banking operations, government services and state security issues.
- Providing "digital traceability of goods" and electronic protection of the rights of the owner.
According to Shuvalov, his main task is create laws that will allow the introduction of advanced technologies into everyday life, with benefit for the state and citizens.
In the same session, the Deputy Chairman of the Central Bank announced another interesting news:
The Russian Central Bank began work on the creation of a national cryptocurrency. Also already running a pilot project for the use of the blockchain for the interaction of the EEU in the field of financial services.
Sounds great. But at the moment these are just words. There are no documents and results that confirm the above. It is possible that the Central Bank is simply pretending that it is in step with the times, and the reason for this "activity" is the global buzz around Bitcoins.
However, I want to believe that Putin is really interested in the blockchain technology, then we get at least some result. Even if we get a law that will harm the holder of the cryptocurrency in Russia, in a global sense we will receive the positive effects for Bitcoin and other currencies, as @jrcornel said.
sources: Shuvalov named three tasks for the technological development of Russia, The Central Bank of Russia began work on the creation of a virtual national currency, http://www.forumspb.com images from Google Search.
Fingers crossed that your government gets behind this. Good luck!
Not sure it will work first time as it should...as always here :)
When it says that, "The Central Bank of Russia began work on the creation of a virtual national currency" I wonder if they intend to adopt Bitcoin, or establish a cryptocurrency of their own?
They want to create their own currency, it's easier to adjust.
That's kind of what I figured... will it only be traded in Russia or will it be available on the world market like Bitcoin?
I am sure they will use it only in Russia, at least the first year or two in order not to lose control. The next step they will spread it on EEU.
This movement will proliferate through all nations. thanks for sharing!
I agree with you, soon or later it will be :)
Thank you for reading!
Big news, we're seeing a huge shift right now in how governments are dealing with new technologies. China, Japan and now Russia seem to be making moves towards providing legal frameworks for blockchain based fintech is going to lead to some huge developments in the coming years. The west if falling behind the times it seems in that respect.
It seems to me that the West is acting more cautiously, they are in no hurry to invade in the system which they don't understand until the end. Japan and China seem to understand what they are doing, but Russia is in too much of a hurry.
nice post :)
Thank you, my friend! :)
you're welcome :)