Despite the fact that top-managers of Russian financial institutions have spoken out in favour of Bitcoin and Blockchain, state authorities keep banning the use of all cryptocurrencies, at the same time planning to introduce the country’s own digital currency. Making sense of arguments
The Russian state is often seen as highly bureaucratic, inefficient, cumbersome, and unresponsive to the needs of its citizens, as well as potentially limiting freedom of choice. Currently it has been vigorously defending and guarding itself from a bizarre phenomenon, which has nevertheless been widely used globally – a Blockchain technology.
Opinions on the matter are divided. Sadly, those in power to decide on the future of Blockchain happen to be on the other side of the barricades.
The Ministry of Finance and the Investigation Committee of the Russian Federation suggested imposing criminal liability for the use of cryptocurrencies. Earlier last year the authorities were somewhat more tolerant towards technology but today their position is strongly oppositional.
Dmitry Marinichev, the President’s Internet ombudsman, recently expressed his concern about Blockchain and everything related to Blockchain being considered a potential threat. Unsurprisingly, the Russian government is keen to preserve the status quo.
At the discussion forum “Perspectives of application and development of Blockchain technologies in Russia” Dmitry Marinichev said that any attempt by the state to intervene in the process of the introduction of Blockchain technologies by businesses and impose a ban on the use of Bitcoin made absolutely no sense. He strongly believes that instead of limiting the use of cryptocurrencies, the government should facilitate both their development and the development of technologies underpinning them.
Marinichev says on distributed ledger technology: “We will only see a positive effect for businesses if the concept of distributed ledger technology is identified and regulatory framework is introduced”. Recognized potential of Blockchain Another cluster of institutions […]
