Russia Might Still Greenlight Blockchain but Not Cryptocurrencies
Different countries are getting closer to Blockchain. But the interesting thing is that despite the interest, they have in using Blockchain technology, they are not yet ready to accept cryptocurrencies. They look at Blockchain as a tool. The use of tools for different states of the world to further their interests and based on their strategies is always possible and suitable, and for this reason, they do feel threatened by Blockchain. But cryptocurrencies are in another world. Different states believe that cryptocurrencies are not tools, but are dangerous actors that are able to control and manage markets.
For this reason, they are not optimistic towards them and approach them with care or at times with hostility. Russia is also among the countries that act with hostility towards the use of cryptocurrencies. But according to news and reports, it will support the Blockchain technology.
How Is the Relationship of Russia with Cryptocurrencies?
Although some of the state authorities of Russia oppose the prohibition and restrictions of cryptocurrencies, but in anyway cryptocurrencies are not legal in Russia. Much like China, Russia has an uncertain approach regarding cryptocurrencies. Given the limitations that are posed at cryptocurrencies, every once in a while with some news in this field, the hesitations of the state of Russia about the use of cryptocurrencies are determined even more.
The use of cryptocurrencies can reduce the international costs for any country to a great extent. It also removes the hindrances put forth by international sanctions. These capacities will not be ignored by any state. But Putin, the president of Russia, has announced that cryptocurrencies do not have the capacity to be used because they can be the proper infrastructure for crimes and illicit activities.
The state of Russia believes that cryptocurrencies are kind of a game. Some are interested in taking part in this game and investing in it but believe that they cannot be looked upon as useful tools in banking, financial, and economic affairs.
Will Russia Use Blockchain?
Apparently, the state of Russia and its companies intend to use private Blockchain networks to organize their inter-departmental data. As it was mentioned earlier, the approaches in this country regarding the use of Blockchain is completely positive. They have perfectly well understood that the support of Silicon Valley large companies from the Blockchain is rooted in the well-calculated thoughts and plans. And thus, they do not neglect implementing Blockchain systems. But they believe that cryptocurrencies that are traded in this infrastructure will not be controllable and work beyond the legal boundaries. But it is clear to everyone that the Blockchain becoming prevalent will also lead to change in the approaches regarding cryptocurrencies. Cryptocurrencies and Blockchain are not separate from each other. If the development of Blockchain and increase in its application in different systems are successful, cryptocurrencies will find their way as well to various markets. Like China, Russia has also not determined its position in the field of cryptocurrencies and Blockchain, but it seems that it always has one eye on the benefits and applications of cryptocurrencies. The news that we hear about the support of state officials of the Blockchain technology is indicative that the presence of this new technology among countries and states will grow larger.
Wednesday, July 17, 2019 7:14:00 AM