8 compelling reasons why Russia MUST legalize Bitcoin and ICOs @BlockRush

A prominent Russian politician Boris Titov, has proposed to the Central Bank of Russia to follow Japan's lead and to legalize Bitcoin. Last month Russian president Vladimir Putin met with Ethereum founder Vitalik Buterin at the St. Petersburg during the International Economic Forum event and obviously talked about crypto-currencies, Blockchain and Ethereum.

Russia is fast becoming a crypto-currency and Blockchain hub and has actively participated in development of Blockchain technology; the legalization of Bitcoin in Russia would have intriguing effects on the crypto-currency world.

In this article we explain why we believe Russia should champion the cause of ICO as well as outline some of the potential positive effects of such a move.

1. Lead the crypto-currency world

The United States has long been the world's leader in technology in almost every sector including finance, health, communications, internet, software developments and more.

However the US has taken a negative stand against crypto-currency ICO demanding all investors to fulfill the standards required for all accredited investors. Together with stringent Anti Money Laundering(AML) and Know Your Customer(KYC) regulations on crypto-currency, the US is distancing itself from ICO and crypto-currencies.

In the absence of the US in leading the crypto-currency industry, and European nations being consumed with a Brixit affairs, the crypto currency world needs a leader. The UAE, Japan and China are taking the lead in promoting Blockchain technology, however an active participation of Russia would serve as a huge backing to the industry.

2. Unleash the potential of its human resource

Russian Imperial Academy of Science

Russia has a population over 144 million and according to the UNESCO has a ridiculously high literacy rate of 99.7207899.7%. Male and female literacy rates in Russia both stand at an astonishing rate of  99.7%. You do not see such high literacy rates everywhere, not even other developed nations around the world.

Russia does not lack human resources when it comes to Blockchain and crypto-currency development. Some of the world's best developers are from Russia including the founder of Ethereum and his team.

3. "Save" Ethereum

Vitalik Buterin, the silent national hero and pride of Russia

Believe it or not, Ethereum is under attack from the @Dan led #EOS Blockchain decentralized cloud computer OS. The Russian Ethereum is undoubtedly the founder and leader of the Bitcoin 2.0 revolution, and has enjoyed this throne until last month when a new rival #EOS broke all h*ll loose.

In just 5 days of the 341 days long ICO, EOS raised $185 million, after giving away just 20% of all its token supply. EOS has become the most successful ICO in history as well as the most successful crowdfunding campaign in history according to Wikipedia.

While the unprecedented success of EOS was celebrated by its community and investors, it turned out to be bad news for the Ethereum community. Ethereum is having a few challenges with code, scaling and team, this is certainly not the right time for such an unfair competition with an over-sized opponent.

Vitalik Buterin is Russian and his Ethereum has been celebrated as a symbol of nation pride in Russia. With most ICOs being powered by Ethereum, its would be a good deal for Russia to legalized Bitcoin and ICO, as this would be the only way to put Ethereum at an advantage to EOS whiles also supporting the legendary work of its national hero; Vitalik.

It should be no surprise if Ethereum founder Vitalik had reported #EOS to Vladimir Putin during their brief meeting at the World Economic Forum last month.

4. Restore feminist power

Russian Valentina Tereshkova being celebrated as the first woman in space.

When it comes to gender equality, crypto currencies have a terrible reputation as less than 5% of all developers are female. However, Russia has more women in math, engineering and science development than perhaps any nation on earth.

With this advantage of a having an active female developer and engineer base, the active participation of Russia in the crypto-currency industry would increase the participation of female developers in crypto-currencies.

An increase in female developers and engineers in the crypto-currency industry will drive the adoption of Blockchain further mainstream as women are the largest shoppers and users of remittance services.

5. Empower the anarchist community

Russia is home to some of the world's most hard core freedom fighters and anarchists, there is no doubt about that. Young Russians have exhibited their ardor through numerous daredevil stunts and selfie stunts which have stunned the world. As BBC reports;

 "one enthusiastic participant says extreme stunts can alleviate the boredom and pent up energy of many Russian men"

Russians are fierce and love freedom. The concept of decentralization, freedom, autonomy, privacy and unity are natural to Russians. With the increasing calls for a more liberal Russian society, Blockchain and crypto-currencies are a good thing for democracy in Russia.

Blockchain technologies would empower the Russian population to gain further control of their finance, privacy and life.

6. Enjoy economic and wealth boast

Whether or not Russia legalizes crypto currencies, the technology would find its way into Russia. The legendary Ethereum Blockchain is from the heart of Russia, and there is no reason why Russians should not participate in the wealth boom enabled by Ethereum's ICOs.

By legalizing crypto currencies and regulating ICO, startups and businesses in Russia would be able to use ICO to raise funds for their businesses, increasing foreign investments into the economy.

Moreover, Russia would benefit from any VAT or transaction levies imposed on crypto-currency trades within the crypto-currency industry in nation.

7. Ensure and enforce financial security

FSB officers; you do NOT want to mess with the successors of the KGB

Like we have already said, crypto-currencies would eventually find their way around the world into countries despite any moves by governments to curtail them.

However, by legalizing them governments would be able to monitor and track their use through the infamous AML and KYC policies, allowing them to prevent money laundering while reducing the possibility of it being used by terrorists and criminals.

There is a saying; "if your can't beat them then join them". John McAfee, founder of the McAfee anti-virus famously echoed it better;

“You can’t stop things like Bitcoin. It will be everywhere and the world will have to read just. World governments will have to read just”.

8. Give Putin something to celebrate

Russian President Putin has been the subject of several critical and defaming campaigns from his political rivals, the Democratic front of the United States and secular activists.

Putin needs a break; he is not burning the world, he is only trying to do his job as president. Legalizing Bitcoin and ICOs in Russia would distract the media from Putin as they would have Russian ICO campaigns to write about!

Good luck Russia, long live Bitcoin and Blockchain!

Steemit Talk:

• What do you think of the US's position on crypto-currencies and ICOs?
• What do you think of our preposition for Russia to support crypto-currencies?
• Will participation of the government of Russia in crypto-currency be good or bad for the industry?
• For what other reasons would you want Russian to support crypto-currencies?
• Is there any other nation you think could champion the cause of crypto-currrencies better than Russia?

Let us know of your opinions by commenting below! Follow @BlockRush for more reports on #Blockchain!

Image credits: Wikipedia.com

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