Cryptocurrency is Russia is not a popular subject, or rather was not a popular subject despite many miners, traders and entrepreneurs hail from the country.
However, one of the world’s top fifteen economies by size is now going soft on cryptocurrency. Blockchain, on the other hand, enjoyed the same level of acceptance in the country as other since the digital ledger technology is useful without a doubt.
On the other hand, in early 2015 what started as a debate in the private sector now seems to be becoming a reality. A centralized cryptocurrency in Russia is also under consideration. In 2015, however, payment companies were denied permission to deal in cryptocurrency.
Evading US financial system
Russia and the US are two arch enemies despite being thousands of miles apart. It’s only natural that the traders and investors are now seeking to work outside the US dominant areas.
A recent report by the Foundation for Defence of Democracy (FDD) titled, Crypto Rogues U.S. State Adversaries Seeking Blockchain Sanctions Resistance states that:
“These governments, therefore, are prioritizing blockchain technology as a key component of their efforts to counter U.S. financial power. Russia, Iran, and Venezuela have initiated blockchain technology experiments that their leaders paint as tools to offset U.S. financial coercive power and increase sanctions resistance.”
Long path ahead
Russia has a long path ahead towards cryptocurrency regulations while the country stands skeptic fo the king of cryptocurrency Bitcoin and especially the Facebook Libra coin deeming it a threat to national security.
It is about time that the country starts serious efforts towards a proper blockchain infrastructure and eventually a centrally controlled digital currency (CBDC).