Sometimes you feel that Russia is embracing crypto and sometimes it seems they still hold their position against crypto. People will be confused about what they can or cannot do with cryptocurrency. It seems the Russian central bank supports crypto seeing its huge potential, but it does not allow miners to sell their crypto to the residents of Russia.
Russia’s President Vladimir Putin talked about international payments using blockchain technology and how it can remove the barrier. If there is an international payment based on blockchain technology, that will be fair. The currency gateway of international transactions is controlled by a few entities.
Due to the war between Russia and Ukraine, and having sanctions, Russia is going through a hard time settling international transactions. Blockchain can provide a solution and make things easier. People get a message that Russia is recognizing the possibility of blockchain and cryptocurrency.
Recently Russia's Sber Bank has made its move to adopt blockchain. It has integrated Ethereum and Metamask wallets into its system. As a result, developers can work and move smart contacts and projects between Sber’s blockchain and open blockchain networks.
Everything shows a positive sign, but as you know there is a love-hate relationship when it comes to crypto. Miners in Russia can obtain crypto by mining, but the Russian central bank doesn't want miners to sell their crypto to the residents of Russia.
Miners can sell their crypto to only non-residents or use a foreign infrastructure to sell crypto to foreigners. Because of sanctions, the path to sell crypto outside is restricted as well. You cannot avoid reality and keep your eyes close.
It is clear that the government will come up with more regulations and you have to go through those regulations. You often hear that they are doing everything for the protection and safety of investors. It is as if investors are not adults, they cannot make their own decisions.
You can also see in other countries where the government talks about blockchain technology and how it can benefit the nation, and on the other side, they don't want their citizens to use cryptocurrency. The central bank warns people about crypto or any sort of digital currency. So in their opinion, blockchain is good but cryptocurrency is bad.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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Reference: 1.
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So in the end, the adoption of crypto was to avoid the sanctions and not really to promote it's use within the country. It's the typical move we see from the governments and I guess they want to make people use the Russian fiat more.
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I think so. The government will never let go of its control and power, and force people to keep using fiat currency. That's why many countries come up with CBDC.
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In conclusion, they impose their rules, imagine, a country like this and thus restrict the freedom of people, all an abuse of power
Looks like you cannot expect anything good in crypto from the government. They will do their thing to sustain their power and control.
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